https://www.taxtmi.com/caselaws?id=374359 The Tribunal allowed the assessee's appeal and directed the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the Transfer Pricing exercise was conducted diligently and in good faith, considering legal ambiguities at the time. It concluded that neither Explanation 1 nor Explanation 7 to section 271(1)(c) applied in this case, leading to the decision to overturn the penalty imposition. The order was pronounced on 28.01.2019. en-us Mon, 28 Jan 2019 00:00:00 +0530 Thu, 31 Jan 2019 08:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374359 The Tribunal allowed the assessee's appeal and directed the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the Transfer Pricing exercise was conducted diligently and in good faith, considering legal ambiguities at the time. It concluded that neither Explanation 1 nor Explanation 7 to section 271(1)(c) applied in this case, leading to the decision to overturn the penalty imposition. The order was pronounced on 28.01.2019. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374359