https://www.taxtmi.com/caselaws?id=240398 The Tribunal upheld the penalty imposed under Section 271(1)(c) for furnishing inaccurate particulars of income regarding the valuation of closing stock. The assessee's failure to include the re-purchase price in the closing stock led to undervaluation and suppression of profit, resulting in the penalty of Rs. 11,22,000 being confirmed. The Tribunal found that the omission was not detected until reassessment proceedings, emphasizing that willful concealment is not necessary for imposing a civil penalty under the mentioned section. The appeal was dismissed, affirming the penalty. en-us Wed, 20 Nov 2013 00:00:00 +0530 Tue, 03 Dec 2013 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240398 The Tribunal upheld the penalty imposed under Section 271(1)(c) for furnishing inaccurate particulars of income regarding the valuation of closing stock. The assessee's failure to include the re-purchase price in the closing stock led to undervaluation and suppression of profit, resulting in the penalty of Rs. 11,22,000 being confirmed. The Tribunal found that the omission was not detected until reassessment proceedings, emphasizing that willful concealment is not necessary for imposing a civil penalty under the mentioned section. The appeal was dismissed, affirming the penalty. Case-Laws Income Tax Wed, 20 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240398