https://www.taxtmi.com/caselaws?id=205418 The court held that the assessee, a Government-owned Corporation, was not liable for a penalty under Section 271(1)(c) as there was no concealment or furnishing of inaccurate particulars of income. The court supported the ITAT's findings that the reduction in stock value was based on estimates and reports, not falsehood, and that the assessee had disclosed all material facts. The appeal was dismissed in favor of the assessee, with no order as to costs. en-us Fri, 07 Jan 2011 00:00:00 +0530 Mon, 15 Jul 2013 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205418 The court held that the assessee, a Government-owned Corporation, was not liable for a penalty under Section 271(1)(c) as there was no concealment or furnishing of inaccurate particulars of income. The court supported the ITAT's findings that the reduction in stock value was based on estimates and reports, not falsehood, and that the assessee had disclosed all material facts. The appeal was dismissed in favor of the assessee, with no order as to costs. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205418