Displacement of Fair Market Value supported by Valuation Report by AO: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]

ITAT dismissed the imposition of penalty under section 271(1)(c) of the Income Tax Act 1961, citing the Assessing Officer's rejection of fair market value supported by a valuation report
Income Tax - ITAT Delhi - Fair market value - Income tax penalty - Income Tax Appellate Tribunal - taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the imposition of penalty under section 271(1)(c) of the Income Tax Act 1961, citing the Assessing Officer’s rejection of fair market value supported by a valuation report. When the matter was scheduled for a hearing, there was no representation for the assessee….

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