https://www.taxtmi.com/caselaws?id=342985 The tribunal allowed both appeals, directing the deletion of penalties imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The tribunal concluded that the valuation discrepancies regarding the cost of acquisition of immovable properties did not warrant penalties as the assessee's conduct did not indicate concealment or furnishing inaccurate particulars of income. The penalties of Rs. 5.33 crores and Rs. 15.60 crores for the respective assessment years were deleted. en-us Fri, 05 May 2017 00:00:00 +0530 Wed, 17 May 2017 07:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342985 The tribunal allowed both appeals, directing the deletion of penalties imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The tribunal concluded that the valuation discrepancies regarding the cost of acquisition of immovable properties did not warrant penalties as the assessee's conduct did not indicate concealment or furnishing inaccurate particulars of income. The penalties of Rs. 5.33 crores and Rs. 15.60 crores for the respective assessment years were deleted. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342985