https://www.taxtmi.com/caselaws?id=9507 The court upheld the Tribunal's decision on the valuation of closing stock of cotton, dismissing the appeal against the addition of Rs. 25,55,192. The appellant's method of valuation was deemed incorrect, justifying the addition made by the authorities. Regarding the penalty imposed under section 271(1)(c) of the Income-tax Act, the court upheld the Tribunal's decision, stating that the appellant concealed income and furnished inaccurate particulars, leading to the dismissal of the appeals without costs. en-us Thu, 10 Nov 2005 00:00:00 +0530 Tue, 23 Jun 2009 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9507 The court upheld the Tribunal's decision on the valuation of closing stock of cotton, dismissing the appeal against the addition of Rs. 25,55,192. The appellant's method of valuation was deemed incorrect, justifying the addition made by the authorities. Regarding the penalty imposed under section 271(1)(c) of the Income-tax Act, the court upheld the Tribunal's decision, stating that the appellant concealed income and furnished inaccurate particulars, leading to the dismissal of the appeals without costs. Case-Laws Income Tax Thu, 10 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9507