https://www.taxtmi.com/caselaws?id=211350 The Appellate Tribunal allowed the appeals filed by the assessee against penalty orders for undisclosed stock valuation for assessment years 2000-01 to 2005-06. The Tribunal found that there were no grounds for penalty imposition under section 271(1)(c) as the assessee's belief in nil valuation was deemed bona fide, and there was no revenue loss due to correct sales proceeds reporting. The penalties were revoked, and the appeals were allowed in favor of the assessee. en-us Fri, 23 Apr 2010 00:00:00 +0530 Sat, 01 Jun 2013 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211350 The Appellate Tribunal allowed the appeals filed by the assessee against penalty orders for undisclosed stock valuation for assessment years 2000-01 to 2005-06. The Tribunal found that there were no grounds for penalty imposition under section 271(1)(c) as the assessee's belief in nil valuation was deemed bona fide, and there was no revenue loss due to correct sales proceeds reporting. The penalties were revoked, and the appeals were allowed in favor of the assessee. Case-Laws Income Tax Fri, 23 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211350