Penalty Overturned: Court Finds No Evidence of Concealment or Excess Consideration in Tax Settlement Case.

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....Penalty imposed by the Settlement Commission u/s 271(1)(c) - The petitioner argued against the penalty, citing lack of mens rea and the absence of evidence showing awareness or receipt of any excess consideration. The court examined the disclosures made by the petitioner, discrepancies in stamp duty valuation, and the petitioner's explanation regarding ignorance of the sale deed executed by the Power of Attorney holder. Ultimately, the High Court found that the element of concealment was not established, especially considering the lack of independent evidence showing receipt of excess consideration. Consequently, the court set aside the penalty imposed by the Settlement Commission.....