https://www.taxtmi.com/caselaws?id=383568 ITAT Delhi upheld CIT(A)'s order deleting penalty u/s 271(1)(c) imposed on two grounds. First, regarding stock valuation differences, the tribunal held that since the quantum addition was already deleted, the penalty had no basis to stand, following SC precedent in K.C.Builders vs ACIT. Second, for disallowance u/s 14A r.w. Rule 8D, the tribunal rejected the revenue's contention that every assessment addition automatically leads to penalty, citing SC decision in CIT vs Reliance Petro Products that mere unsustainable claims don't constitute furnishing inaccurate particulars. Appeal decided in favor of assessee. en-us Thu, 18 Jul 2019 00:00:00 +0530 Sat, 10 May 2025 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383568 ITAT Delhi upheld CIT(A)'s order deleting penalty u/s 271(1)(c) imposed on two grounds. First, regarding stock valuation differences, the tribunal held that since the quantum addition was already deleted, the penalty had no basis to stand, following SC precedent in K.C.Builders vs ACIT. Second, for disallowance u/s 14A r.w. Rule 8D, the tribunal rejected the revenue's contention that every assessment addition automatically leads to penalty, citing SC decision in CIT vs Reliance Petro Products that mere unsustainable claims don't constitute furnishing inaccurate particulars. Appeal decided in favor of assessee. Case-Laws Income Tax Thu, 18 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383568