ITAT deletes Section 271G penalty for non-submission of comparable prices of diamonds

DCIT Vs Interjwel private limited (ITAT Mumbai) The assessee submitted that in a diamond business world over there are estimated 8000 – 10,000 different qualities of diamonds price of which depends on various factors and note to diamonds can have the same price as valuation also depends upon the perception of individual businessman. Assessee therefore stated that normally there are no comparable pieces and prices of diamonds available. Based on the above submission the learned assessing officer held that it is a gross violation of provisions of Section 271G of the act and accordingly a penal...