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of <h1>Appeal granted by Tribunal, canceling penalty under IT Act for stock undervaluation.</h1> The appeal was allowed by the Appellate Tribunal ITAT MADRAS-B, canceling the penalty imposed under section 271(1)(c) of the IT Act, 1961 for ... - The appeal was against the penalty imposed under section 271(1)(c) of the IT Act, 1961 for undervaluation of closing stock. The mistake in valuation was due to double deduction of excise duty, discovered when asked for particulars. The Tribunal canceled the penalty, stating it was a bona fide error and not deliberate concealment. The appeal was allowed. (Case: Appellate Tribunal ITAT MADRAS-B, Citation: 1980 (4) TMI 195 - ITAT MADRAS-B)
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