https://www.taxtmi.com/caselaws?id=350914 The Tribunal allowed the appeal, deleting the penalty of Rs. 1,13,29,500/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the assessee had disclosed all particulars based on the registered valuer's opinion, and the variance in expert opinions did not warrant the penalty. The decision overturned the Assessing Officer and Commissioner of Income Tax (Appeals) findings, emphasizing that no penalty could be imposed in the absence of concealment of facts or particulars. en-us Wed, 11 Oct 2017 00:00:00 +0530 Wed, 15 Nov 2017 09:56:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350914 The Tribunal allowed the appeal, deleting the penalty of Rs. 1,13,29,500/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the assessee had disclosed all particulars based on the registered valuer's opinion, and the variance in expert opinions did not warrant the penalty. The decision overturned the Assessing Officer and Commissioner of Income Tax (Appeals) findings, emphasizing that no penalty could be imposed in the absence of concealment of facts or particulars. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350914