https://www.taxtmi.com/caselaws?id=285767 The High Court upheld the Tribunal's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, emphasizing the importance of full disclosure and reliance on expert valuation reports in tax proceedings. The Court dismissed the Tax Appeals filed by both parties, affirming that the mere addition to the tax liability does not automatically warrant the imposition of a penalty. en-us Wed, 28 Mar 2018 00:00:00 +0530 Sat, 25 Jan 2020 08:34:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285767 The High Court upheld the Tribunal's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, emphasizing the importance of full disclosure and reliance on expert valuation reports in tax proceedings. The Court dismissed the Tax Appeals filed by both parties, affirming that the mere addition to the tax liability does not automatically warrant the imposition of a penalty. Case-Laws Income Tax Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285767