https://www.taxtmi.com/caselaws?id=337047 The court upheld the penalty imposed on the respondent for unaccounted stock found during a survey at their business premises. The penalty, based on excess stock not recorded in the books, was justified as the respondent admitted the mistake on the spot. Allegations of coercion during the survey were dismissed due to lack of timely complaint to senior authorities. The court emphasized the importance of prompt reporting and ruled in favor of the petitioner, reversing the Tax Board's decision and upholding the penalty imposed by the Assessing Officer. en-us Fri, 16 Dec 2016 00:00:00 +0530 Tue, 03 Jan 2017 10:05:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337047 The court upheld the penalty imposed on the respondent for unaccounted stock found during a survey at their business premises. The penalty, based on excess stock not recorded in the books, was justified as the respondent admitted the mistake on the spot. Allegations of coercion during the survey were dismissed due to lack of timely complaint to senior authorities. The court emphasized the importance of prompt reporting and ruled in favor of the petitioner, reversing the Tax Board's decision and upholding the penalty imposed by the Assessing Officer. Case-Laws VAT and Sales Tax Fri, 16 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337047