https://www.taxtmi.com/caselaws?id=180044 The Appellate Tribunal ITAT Ahmedabad allowed the assessee's appeal, holding that the penalty imposed under section 271(1)(c) on the Gross Profit addition and stock valuation was not sustainable. The Tribunal found that the penalty was not justified as the Gross Profit addition had been deleted in quantum proceedings and there were no provisions to penalize the inclusion of additional income based on survey findings in the return. en-us Fri, 28 Jun 2013 00:00:00 +0530 Tue, 15 Mar 2016 17:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180044 The Appellate Tribunal ITAT Ahmedabad allowed the assessee's appeal, holding that the penalty imposed under section 271(1)(c) on the Gross Profit addition and stock valuation was not sustainable. The Tribunal found that the penalty was not justified as the Gross Profit addition had been deleted in quantum proceedings and there were no provisions to penalize the inclusion of additional income based on survey findings in the return. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180044