https://www.taxtmi.com/caselaws?id=61637 The Tribunal determined that the penalty imposed on the assessee under Section 271(1)(c) was unwarranted. It concluded that the assessee, a Government-owned company, did not conceal income or furnish inaccurate particulars, as it provided a bona fide explanation for the reduction in the value of closing stock. The Tribunal found that the explanation was based on bona fide reports and all material facts were disclosed. Consequently, the Tribunal allowed the assessee's appeal, overturning the penalty imposed by the Assessing Officer and sustained by the CIT(A). en-us Fri, 24 Dec 2004 00:00:00 +0530 Wed, 19 Jun 2024 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61637 The Tribunal determined that the penalty imposed on the assessee under Section 271(1)(c) was unwarranted. It concluded that the assessee, a Government-owned company, did not conceal income or furnish inaccurate particulars, as it provided a bona fide explanation for the reduction in the value of closing stock. The Tribunal found that the explanation was based on bona fide reports and all material facts were disclosed. Consequently, the Tribunal allowed the assessee's appeal, overturning the penalty imposed by the Assessing Officer and sustained by the CIT(A). Case-Laws Income Tax Fri, 24 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61637