https://www.taxtmi.com/caselaws?id=327885 The Tribunal upheld the CIT(A)'s decision to delete the penalty of Rs. 71,66,250 imposed under Section 271(1)(c) for undervaluation of Work-in-Progress (Rs. 1.95 crores) by the assessee. The Tribunal found the assessee's explanation for the devaluation of WIP to be genuine, supported by technical evaluation and compliance with Accounting Standard AS-2. It concluded that there was no concealment of income or submission of inaccurate particulars, dismissing the Revenue's appeal on 16th May 2016. en-us Mon, 16 May 2016 00:00:00 +0530 Sat, 21 May 2016 01:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327885 The Tribunal upheld the CIT(A)'s decision to delete the penalty of Rs. 71,66,250 imposed under Section 271(1)(c) for undervaluation of Work-in-Progress (Rs. 1.95 crores) by the assessee. The Tribunal found the assessee's explanation for the devaluation of WIP to be genuine, supported by technical evaluation and compliance with Accounting Standard AS-2. It concluded that there was no concealment of income or submission of inaccurate particulars, dismissing the Revenue's appeal on 16th May 2016. Case-Laws Income Tax Mon, 16 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327885