https://www.taxtmi.com/caselaws?id=61650 The penalties imposed by the Assessing Officer under Section 271(1)(c) for the assessment years 1983-84 and 1985-86 were deleted by the Commissioner of Income Tax (Appeals). The Commissioner found that the changes in the method of valuation of closing stock, deduction claimed on excise duty paid on closing stock, and deduction claimed on surtax liability were all made in good faith by the assessee and did not warrant penalties. Moreover, the Assessing Officer failed to provide valid reasons or record satisfaction before initiating penalty proceedings, leading to the cancellation of the penalties. The Tribunal upheld the Commissioner's decision, dismissing the Revenue's appeals. en-us Tue, 30 Nov 2004 00:00:00 +0530 Thu, 13 Jan 2011 17:34:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61650 The penalties imposed by the Assessing Officer under Section 271(1)(c) for the assessment years 1983-84 and 1985-86 were deleted by the Commissioner of Income Tax (Appeals). The Commissioner found that the changes in the method of valuation of closing stock, deduction claimed on excise duty paid on closing stock, and deduction claimed on surtax liability were all made in good faith by the assessee and did not warrant penalties. Moreover, the Assessing Officer failed to provide valid reasons or record satisfaction before initiating penalty proceedings, leading to the cancellation of the penalties. The Tribunal upheld the Commissioner's decision, dismissing the Revenue's appeals. Case-Laws Income Tax Tue, 30 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61650