https://www.taxtmi.com/caselaws?id=71654 The appeal in this case involved the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961, related to the failure to include excess stock in the return of income. The CIT(A) deleted the penalty, citing errors in stock valuation and reliance on judicial precedents indicating that mere agreement to an addition does not constitute concealment. The Tribunal partially accepted the Revenue's appeal, upholding the penalty imposition but reducing it to 100% of the tax sought to be evaded, except for a specific addition of Rs. 36,000 based on estimates. en-us Fri, 07 Mar 2003 00:00:00 +0530 Tue, 26 Apr 2011 13:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71654 The appeal in this case involved the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961, related to the failure to include excess stock in the return of income. The CIT(A) deleted the penalty, citing errors in stock valuation and reliance on judicial precedents indicating that mere agreement to an addition does not constitute concealment. The Tribunal partially accepted the Revenue's appeal, upholding the penalty imposition but reducing it to 100% of the tax sought to be evaded, except for a specific addition of Rs. 36,000 based on estimates. Case-Laws Income Tax Fri, 07 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71654