https://www.taxtmi.com/caselaws?id=385222 The ITAT Mumbai ruled in favor of the assessee, deleting the penalty imposed under Sec. 271(1)(c) for inaccurate particulars due to the incorrect basis for the addition. The Tribunal also annulled the quantum additions made by the Assessing Officer, directing acceptance of the assessee's valuation in line with Supreme Court decisions. The CIT(A) partially sustained one addition but deleted others. The Tribunal's decision to vacate additions and penalties aligned with the assessee's arguments, resulting in the penalty being deleted on appeal before ITAT Mumbai. en-us Wed, 28 Aug 2019 00:00:00 +0530 Fri, 30 Aug 2019 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385222 The ITAT Mumbai ruled in favor of the assessee, deleting the penalty imposed under Sec. 271(1)(c) for inaccurate particulars due to the incorrect basis for the addition. The Tribunal also annulled the quantum additions made by the Assessing Officer, directing acceptance of the assessee's valuation in line with Supreme Court decisions. The CIT(A) partially sustained one addition but deleted others. The Tribunal's decision to vacate additions and penalties aligned with the assessee's arguments, resulting in the penalty being deleted on appeal before ITAT Mumbai. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385222