https://www.taxtmi.com/caselaws?id=376669 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271G of the Income Tax Act, 1961, emphasizing the practical difficulties in maintaining segmental profitability details in the diamond industry. The Tribunal found that the assessee had substantially complied with the TPO's requirements, considering the unique nature of the diamond trade. The appeal of the Revenue was dismissed, and the deletion of the penalty was upheld, with the decision not intended to set a precedent for other cases due to the specific facts and circumstances of this case. en-us Thu, 28 Feb 2019 00:00:00 +0530 Tue, 09 Jun 2026 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376669 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271G of the Income Tax Act, 1961, emphasizing the practical difficulties in maintaining segmental profitability details in the diamond industry. The Tribunal found that the assessee had substantially complied with the TPO's requirements, considering the unique nature of the diamond trade. The appeal of the Revenue was dismissed, and the deletion of the penalty was upheld, with the decision not intended to set a precedent for other cases due to the specific facts and circumstances of this case. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376669