https://www.taxtmi.com/caselaws?id=55870 The Tribunal ruled in favor of the assessee, holding that the provisions of Section 41(2) of the Income Tax Act did not apply to the sale of a ship. The Tribunal found that the assessee had not concealed income or furnished inaccurate particulars, leading to the cancellation of the penalty imposed under Section 271(1)(c). Both the Commissioner of Income Tax (Appeals) and the Tribunal upheld the Income Tax Officer's decision regarding the calculation of the written down value for ships. en-us Mon, 02 Apr 1984 00:00:00 +0530 Tue, 30 Nov 2010 14:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55870 The Tribunal ruled in favor of the assessee, holding that the provisions of Section 41(2) of the Income Tax Act did not apply to the sale of a ship. The Tribunal found that the assessee had not concealed income or furnished inaccurate particulars, leading to the cancellation of the penalty imposed under Section 271(1)(c). Both the Commissioner of Income Tax (Appeals) and the Tribunal upheld the Income Tax Officer's decision regarding the calculation of the written down value for ships. Case-Laws Income Tax Mon, 02 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55870