https://www.taxtmi.com/caselaws?id=195739 The High Court upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The court agreed with the Tribunal's findings that the assessee had a genuine belief in calculating the written down value of assets, based on the Companies Act instead of the Income Tax Act, which resulted in no short-term capital gain or loss. The court emphasized that there was no intention to conceal income or provide inaccurate particulars, in line with the decision in Commissioner of Income Tax v. Reliance Petroproducts Private Limited. The appeal by Revenue was dismissed based on factual findings. en-us Tue, 19 Mar 2013 00:00:00 +0530 Thu, 09 Nov 2017 12:52:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195739 The High Court upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The court agreed with the Tribunal's findings that the assessee had a genuine belief in calculating the written down value of assets, based on the Companies Act instead of the Income Tax Act, which resulted in no short-term capital gain or loss. The court emphasized that there was no intention to conceal income or provide inaccurate particulars, in line with the decision in Commissioner of Income Tax v. Reliance Petroproducts Private Limited. The appeal by Revenue was dismissed based on factual findings. Case-Laws Income Tax Tue, 19 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195739