https://www.taxtmi.com/caselaws?id=448779 The Tribunal partially allowed the revenue's appeal for statistical purposes. It set aside the penalty under section 271(1)(c) for fresh consideration, directing the AO to reassess the penalty based on the quantum determined. Regarding the disallowance of Rs. 5,31,64,777 related to stock valuation, the Tribunal remanded the issue for reconsideration, requiring the assessee to provide necessary documentation. For the disallowance under section 14A, the Tribunal found no basis for the addition, as the AO failed to justify it, leading to the deletion of the penalty. The order was pronounced on 17.11.2023. en-us Fri, 17 Nov 2023 00:00:00 +0530 Mon, 29 Jan 2024 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448779 The Tribunal partially allowed the revenue's appeal for statistical purposes. It set aside the penalty under section 271(1)(c) for fresh consideration, directing the AO to reassess the penalty based on the quantum determined. Regarding the disallowance of Rs. 5,31,64,777 related to stock valuation, the Tribunal remanded the issue for reconsideration, requiring the assessee to provide necessary documentation. For the disallowance under section 14A, the Tribunal found no basis for the addition, as the AO failed to justify it, leading to the deletion of the penalty. The order was pronounced on 17.11.2023. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448779