https://www.taxtmi.com/caselaws?id=423825 The Gujarat High Court upheld the Tribunal's decision, dismissing the Revenue's appeal regarding the penalty imposed under Section 271G of the Income Tax Act, 1961. The Court agreed that the assessee had a reasonable cause for not maintaining segment profitability details, as required by Rule 10D, due to practical difficulties in the diamond industry. The Court found no substantial question of law, indicating that the penalty was not justified. en-us Tue, 14 Jun 2022 00:00:00 +0530 Thu, 16 Jun 2022 09:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423825 The Gujarat High Court upheld the Tribunal's decision, dismissing the Revenue's appeal regarding the penalty imposed under Section 271G of the Income Tax Act, 1961. The Court agreed that the assessee had a reasonable cause for not maintaining segment profitability details, as required by Rule 10D, due to practical difficulties in the diamond industry. The Court found no substantial question of law, indicating that the penalty was not justified. Case-Laws Income Tax Tue, 14 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423825