https://www.taxtmi.com/caselaws?id=242906 The Assessee, engaged in trading synthetic cloth, disputed the addition of excess stock to income based on survey findings. The CIT(A) and Tribunal reduced the addition, considering valuation issues, but imposed a penalty for alleged concealment. The Assessee's appeal against the penalty was successful, with the Tribunal canceling it due to bona fide conduct and disclosure of material facts. In related appeals, penalties for similar valuation issues were also deleted, leading to the allowance of all appeals. en-us Fri, 22 Nov 2013 00:00:00 +0530 Thu, 23 Jan 2014 06:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242906 The Assessee, engaged in trading synthetic cloth, disputed the addition of excess stock to income based on survey findings. The CIT(A) and Tribunal reduced the addition, considering valuation issues, but imposed a penalty for alleged concealment. The Assessee's appeal against the penalty was successful, with the Tribunal canceling it due to bona fide conduct and disclosure of material facts. In related appeals, penalties for similar valuation issues were also deleted, leading to the allowance of all appeals. Case-Laws Income Tax Fri, 22 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242906