https://www.taxtmi.com/caselaws?id=336596 The Tribunal allowed the appeal, deleting the penalty of Rs. 11,95,050 levied under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee had provided a bona fide explanation for the valuation of the closing stock and had not concealed any particulars of income or furnished inaccurate particulars. The decision emphasized the importance of maintaining proper records and the impracticality of maintaining detailed records for items with numerous grades and variations. en-us Thu, 27 Oct 2016 00:00:00 +0530 Sat, 24 Dec 2016 07:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336596 The Tribunal allowed the appeal, deleting the penalty of Rs. 11,95,050 levied under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee had provided a bona fide explanation for the valuation of the closing stock and had not concealed any particulars of income or furnished inaccurate particulars. The decision emphasized the importance of maintaining proper records and the impracticality of maintaining detailed records for items with numerous grades and variations. Case-Laws Income Tax Thu, 27 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336596