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
By Aiswarya Krishnadas - On January 23, 2024 8:45 am - 2 mins read
itat delhi - Fair Market Value Displacement - Income Tax Act Penalty Removal - Tax Penalty Deletion Case - 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. The…

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