https://www.taxtmi.com/caselaws?id=336290 The Tribunal quashed the penalty order imposed under section 271(1)(c) of the Income Tax Act, 1961, for alleged concealment of income and furnishing inaccurate particulars of income related to transfer pricing adjustments. The Tribunal found that the assessee's acceptance of an enhanced mark-up was not indicative of bad faith or lack of due diligence, as it was a prudent decision based on prevailing views to avoid prolonged litigation. Consequently, the Tribunal ruled in favor of the assessee, setting aside the penalty order on 16th August 2016. en-us Tue, 16 Aug 2016 00:00:00 +0530 Sat, 17 Dec 2016 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336290 The Tribunal quashed the penalty order imposed under section 271(1)(c) of the Income Tax Act, 1961, for alleged concealment of income and furnishing inaccurate particulars of income related to transfer pricing adjustments. The Tribunal found that the assessee's acceptance of an enhanced mark-up was not indicative of bad faith or lack of due diligence, as it was a prudent decision based on prevailing views to avoid prolonged litigation. Consequently, the Tribunal ruled in favor of the assessee, setting aside the penalty order on 16th August 2016. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336290