https://www.taxtmi.com/caselaws?id=178567 The appeal was successful as the penalty imposed under section 271(1)(c) for a discrepancy in stock valuation between the bank statement and books of accounts was deleted. The tribunal found that a similar issue had been decided in favor of the assessee in a previous year, leading to the deletion of the penalty for the current year based on the High Court judgment. The appellant's argument of no intention to conceal income and accurate maintenance of stock records supported the decision to remove the penalty. en-us Fri, 07 Dec 2012 00:00:00 +0530 Mon, 08 Feb 2016 18:27:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178567 The appeal was successful as the penalty imposed under section 271(1)(c) for a discrepancy in stock valuation between the bank statement and books of accounts was deleted. The tribunal found that a similar issue had been decided in favor of the assessee in a previous year, leading to the deletion of the penalty for the current year based on the High Court judgment. The appellant's argument of no intention to conceal income and accurate maintenance of stock records supported the decision to remove the penalty. Case-Laws Income Tax Fri, 07 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178567