https://www.taxtmi.com/caselaws?id=218651 The ITAT dismissed the Revenue's appeal and upheld the CIT (A)'s decision to delete the penalty imposed under section 271(1)(c). The ITAT found that the assessee's consistent valuation method for closing stock, accepted by the department in earlier years, did not amount to furnishing inaccurate particulars of income. Additionally, the ITAT held that accepting additions to the assessment did not imply concealment or inaccuracies in income reporting, leading to the deletion of the penalty. en-us Fri, 27 Jul 2012 00:00:00 +0530 Thu, 22 Nov 2012 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218651 The ITAT dismissed the Revenue's appeal and upheld the CIT (A)'s decision to delete the penalty imposed under section 271(1)(c). The ITAT found that the assessee's consistent valuation method for closing stock, accepted by the department in earlier years, did not amount to furnishing inaccurate particulars of income. Additionally, the ITAT held that accepting additions to the assessment did not imply concealment or inaccuracies in income reporting, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218651