https://www.taxtmi.com/caselaws?id=374729 The Appellate Tribunal ITAT Kolkata allowed the appeal of the assessee in a case concerning penalty under section 271(1)(c) of the Income Tax Act related to capital gain computation from a property sale. The Tribunal held that since the Assessing Officer did not rely on the required valuation report and the valuation obtained was not referred to the valuation cell, no penalty could be levied. The assessee provided a reasonable explanation, leading to the cancellation of the penalty. The judgment was delivered on February 1, 2019. en-us Fri, 01 Feb 2019 00:00:00 +0530 Fri, 08 Feb 2019 06:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374729 The Appellate Tribunal ITAT Kolkata allowed the appeal of the assessee in a case concerning penalty under section 271(1)(c) of the Income Tax Act related to capital gain computation from a property sale. The Tribunal held that since the Assessing Officer did not rely on the required valuation report and the valuation obtained was not referred to the valuation cell, no penalty could be levied. The assessee provided a reasonable explanation, leading to the cancellation of the penalty. The judgment was delivered on February 1, 2019. Case-Laws Income Tax Fri, 01 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374729