Penalty Imposed u/s 271(1)(c) for Undervaluing Stock; No Deliberate Intent Found in Taxpayer's Reporting.

Penalty Imposed u/s 271(1)(c) for Undervaluing Stock; No Deliberate Intent Found in Taxpayer's Reporting. https://www.taxtmi.com/highlights?id=41863 Penalty levied u/s 271(1)(c) - undervalued its closing stock - in the subsequent year, the assessee has shown less amount of opening stock which will lead in the enhancement of the profit of the assessee - there cannot be a deliberate act on the part of the assessee in declaring less amount of closing stock. en-us Sat, 06 Oct 2018 10:47:12 +0530 Sat, 06 Oct 2018 10:47:12 +0530 TaxTMI RSS Generator Penalty Imposed u/s 271(1)(c) for Undervaluing Stock; No Deliberate Intent Found in Taxpayer's Reporting. https://www.taxtmi.com/highlights?id=41863 Penalty levied u/s 271(1)(c) - undervalued its closing stock - in the subsequent year, the assessee has shown less amount of opening stock which will lead in the enhancement of the profit of the assessee - there cannot be a deliberate act on the part of the assessee in declaring less amount of closing stock. Highlights Income Tax Sat, 06 Oct 2018 10:47:12 +0530 https://www.taxtmi.com/highlights?id=41863