https://www.taxtmi.com/caselaws?id=293387 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(C) of the Income Tax Act for long term capital gains was unwarranted. The Tribunal found that the assessee had substantiated their valuation with a registered valuer's report, demonstrating a genuine basis for the valuation. Emphasizing the importance of expert opinions in valuation claims, the Tribunal concluded that discrepancies in valuation do not automatically imply concealment of income. As a result, the penalty was deleted, and the appeal was allowed. en-us Fri, 07 Mar 2014 00:00:00 +0530 Wed, 10 Feb 2021 09:30:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293387 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(C) of the Income Tax Act for long term capital gains was unwarranted. The Tribunal found that the assessee had substantiated their valuation with a registered valuer's report, demonstrating a genuine basis for the valuation. Emphasizing the importance of expert opinions in valuation claims, the Tribunal concluded that discrepancies in valuation do not automatically imply concealment of income. As a result, the penalty was deleted, and the appeal was allowed. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293387