https://www.taxtmi.com/caselaws?id=374732 The Tribunal allowed the appeal, deleting the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The decision was based on the consistent valuation method followed by the assessee for closing stock, emphasizing that a variance in valuation method by the AO, which did not impact revenue or profit, did not justify the penalty when the assessee's method remained unchanged and revenue-neutral throughout the relevant assessment year. en-us Mon, 04 Feb 2019 00:00:00 +0530 Fri, 08 Feb 2019 06:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374732 The Tribunal allowed the appeal, deleting the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The decision was based on the consistent valuation method followed by the assessee for closing stock, emphasizing that a variance in valuation method by the AO, which did not impact revenue or profit, did not justify the penalty when the assessee's method remained unchanged and revenue-neutral throughout the relevant assessment year. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374732