https://www.taxtmi.com/caselaws?id=368314 The Tribunal found no deliberate concealment or furnishing of inaccurate particulars by the assessee regarding the valuation of closing stock. Consequently, the penalty imposed under Section 271(1)(c) of the Income Tax Act was deemed inappropriate. The appeal was allowed, overturning the decisions of the lower authorities. The penalty was deleted, resulting in a favorable outcome for the assessee. en-us Wed, 26 Sep 2018 00:00:00 +0530 Sat, 06 Oct 2018 07:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368314 The Tribunal found no deliberate concealment or furnishing of inaccurate particulars by the assessee regarding the valuation of closing stock. Consequently, the penalty imposed under Section 271(1)(c) of the Income Tax Act was deemed inappropriate. The appeal was allowed, overturning the decisions of the lower authorities. The penalty was deleted, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368314