https://www.taxtmi.com/caselaws?id=307974 The appeal against the deletion of a penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2006-07 was dismissed. The penalty amounting to Rs. 13,29,194/- imposed on the assessee was deleted by the Commissioner of Income-tax (Appeals) except for a minor amount related to the difference in Minimum Alternate Tax income. The Tribunal upheld the decision to delete the penalty, emphasizing that the revised computation did not result in under-assessment of income. The judges, Shri Rajpal Yadav and Shri K.D. Ranjan, affirmed the deletion of the penalty relating to capital gains computation. en-us Fri, 18 May 2012 00:00:00 +0530 Fri, 19 May 2023 11:26:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307974 The appeal against the deletion of a penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2006-07 was dismissed. The penalty amounting to Rs. 13,29,194/- imposed on the assessee was deleted by the Commissioner of Income-tax (Appeals) except for a minor amount related to the difference in Minimum Alternate Tax income. The Tribunal upheld the decision to delete the penalty, emphasizing that the revised computation did not result in under-assessment of income. The judges, Shri Rajpal Yadav and Shri K.D. Ranjan, affirmed the deletion of the penalty relating to capital gains computation. Case-Laws Income Tax Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307974