https://www.taxtmi.com/caselaws?id=369334 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, noting the complex and debatable nature of the issue. It emphasized the reliance on professional advice by the assessee, the absence of malafide intent, and the substantial relief granted on the valuation of leasehold rights. The decision underscores the importance of mitigating circumstances and factual complexities in tax matters, leading to the dismissal of the Tax Appeal without interference. en-us Mon, 20 Aug 2018 00:00:00 +0530 Thu, 25 Oct 2018 08:46:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369334 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, noting the complex and debatable nature of the issue. It emphasized the reliance on professional advice by the assessee, the absence of malafide intent, and the substantial relief granted on the valuation of leasehold rights. The decision underscores the importance of mitigating circumstances and factual complexities in tax matters, leading to the dismissal of the Tax Appeal without interference. Case-Laws Income Tax Mon, 20 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369334