https://www.taxtmi.com/caselaws?id=329809 The High Court of Gujarat upheld the decision of the Appellate Tribunal, ruling in favor of the assessee in two tax appeals for the assessment year 2001-2002. The Court dismissed the Department's appeal, affirming the deletion of penalties under Section 271(1)(c) for undervaluation of closing stock and disallowance under Section 80I of the Income Tax Act, 1961. The decision was based on legal precedents, including a Supreme Court ruling that unsustainable claims in the return do not automatically result in penalties. en-us Mon, 04 Jul 2016 00:00:00 +0530 Sat, 09 Jul 2016 12:14:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329809 The High Court of Gujarat upheld the decision of the Appellate Tribunal, ruling in favor of the assessee in two tax appeals for the assessment year 2001-2002. The Court dismissed the Department's appeal, affirming the deletion of penalties under Section 271(1)(c) for undervaluation of closing stock and disallowance under Section 80I of the Income Tax Act, 1961. The decision was based on legal precedents, including a Supreme Court ruling that unsustainable claims in the return do not automatically result in penalties. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329809