https://www.taxtmi.com/caselaws?id=192071 The ITAT Mumbai upheld the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2006-07. The decision emphasized the need to establish the actual consideration received by the assessee for penalty imposition, despite the application of section 50C for valuation purposes. The lack of evidence supporting the inaccurate particulars of income allegation led to the dismissal of the Revenue's appeal. en-us Fri, 09 Oct 2015 00:00:00 +0530 Thu, 11 May 2017 19:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192071 The ITAT Mumbai upheld the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2006-07. The decision emphasized the need to establish the actual consideration received by the assessee for penalty imposition, despite the application of section 50C for valuation purposes. The lack of evidence supporting the inaccurate particulars of income allegation led to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192071