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<h1>Kerala HC reduces penalty for stock variations, setting aside original order</h1> The Kerala HC set aside a penalty imposed on a petitioner for stock variations below 0.3 grams, reducing it from Rs. 25,000 to Rs. 10,000. The court held ... - The Kerala High Court judgment in 1999 (3) TMI 593 involved a penalty imposed on a petitioner for stock variations below 0.3 grams. The penalty was reduced to Rs. 25,000 but was challenged. The court found that since the tax evaded was not quantified, the maximum penalty that could be imposed was Rs. 5,000. The penalty order was set aside, and the petitioner was only required to pay Rs. 10,000. The original petition was allowed.
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