https://www.taxtmi.com/caselaws?id=55616 The Tribunal dismissed both appeals and cross-objections, affirming the cancellation of penalties under section 18(1)(c) by the Commissioner (Appeals). It emphasized the importance of proper application of mind by revenue authorities and upheld that penalties were not warranted for valuation differences arising from revised returns voluntarily filed by the assessee. The Tribunal criticized the revenue for not considering the varying valuations by the Departmental Valuation Officer and supported the assessee's reliance on previous valuation reports, ultimately ruling in favor of the assessee. en-us Thu, 08 Mar 1984 00:00:00 +0530 Mon, 29 Nov 2010 10:17:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55616 The Tribunal dismissed both appeals and cross-objections, affirming the cancellation of penalties under section 18(1)(c) by the Commissioner (Appeals). It emphasized the importance of proper application of mind by revenue authorities and upheld that penalties were not warranted for valuation differences arising from revised returns voluntarily filed by the assessee. The Tribunal criticized the revenue for not considering the varying valuations by the Departmental Valuation Officer and supported the assessee's reliance on previous valuation reports, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 08 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55616