https://www.taxtmi.com/caselaws?id=342836 The penalty under section 271(1)(c) of the Income Tax Act for AY 2005-2006 was deleted as the Tribunal found that the assessee had not concealed any relevant information, and the amounts added were disclosed voluntarily. The penalty for AY 2006-2007 was remanded to the AO for verification of the correct quantum, as the discrepancy in stock indicated unreliable books of accounts. Therefore, the appeal for AY 2005-2006 was allowed, and for AY 2006-2007, the issue was remanded for further assessment. en-us Fri, 21 Apr 2017 00:00:00 +0530 Sat, 13 May 2017 08:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342836 The penalty under section 271(1)(c) of the Income Tax Act for AY 2005-2006 was deleted as the Tribunal found that the assessee had not concealed any relevant information, and the amounts added were disclosed voluntarily. The penalty for AY 2006-2007 was remanded to the AO for verification of the correct quantum, as the discrepancy in stock indicated unreliable books of accounts. Therefore, the appeal for AY 2005-2006 was allowed, and for AY 2006-2007, the issue was remanded for further assessment. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342836