https://www.taxtmi.com/caselaws?id=329230 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) on the assessee, a chemical manufacturing company, for claiming a provision for loss of stock without proper evidence. The Tribunal held that the provision was made in good faith and in compliance with Accounting Standards, emphasizing that a bona fide difference of opinion should not attract penalty. It ruled in favor of the assessee, highlighting the importance of accurate particulars in tax matters and referencing relevant legal principles and precedents, including the case of Reliance Petroproducts Ltd. en-us Wed, 22 Jun 2016 00:00:00 +0530 Sat, 25 Jun 2016 11:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329230 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) on the assessee, a chemical manufacturing company, for claiming a provision for loss of stock without proper evidence. The Tribunal held that the provision was made in good faith and in compliance with Accounting Standards, emphasizing that a bona fide difference of opinion should not attract penalty. It ruled in favor of the assessee, highlighting the importance of accurate particulars in tax matters and referencing relevant legal principles and precedents, including the case of Reliance Petroproducts Ltd. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329230