https://www.taxtmi.com/caselaws?id=263349 The Tribunal confirmed the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee's change in the method of valuation of closing stock was bona fide, fully disclosed, and compliant with accounting standards. Legal precedents supported that a mere unsustainable claim does not warrant a penalty. The Revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Tue, 11 Aug 2015 00:00:00 +0530 Tue, 01 Sep 2015 07:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263349 The Tribunal confirmed the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee's change in the method of valuation of closing stock was bona fide, fully disclosed, and compliant with accounting standards. Legal precedents supported that a mere unsustainable claim does not warrant a penalty. The Revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263349