https://www.taxtmi.com/caselaws?id=219005 The Tribunal upheld the penalty imposed by the AO under section 271(1)(c) of the IT Act for furnishing inaccurate particulars regarding the valuation of closing stock for the assessment year 2006-07. The Tribunal found that the appellant's negligence and willful default in maintaining proper stock registers and inconsistent valuation justified the penalty. Despite arguments against the penalty imposition, the Tribunal emphasized the importance of accurate valuation in the diamond industry and cited relevant court decisions to support its decision. The Tribunal dismissed the revenue's appeal, affirming the penalty. en-us Fri, 20 Jul 2012 00:00:00 +0530 Thu, 20 Sep 2012 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219005 The Tribunal upheld the penalty imposed by the AO under section 271(1)(c) of the IT Act for furnishing inaccurate particulars regarding the valuation of closing stock for the assessment year 2006-07. The Tribunal found that the appellant's negligence and willful default in maintaining proper stock registers and inconsistent valuation justified the penalty. Despite arguments against the penalty imposition, the Tribunal emphasized the importance of accurate valuation in the diamond industry and cited relevant court decisions to support its decision. The Tribunal dismissed the revenue's appeal, affirming the penalty. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219005