https://www.taxtmi.com/caselaws?id=375952 The Tribunal set aside the penalty imposed on the Respondent-Assessee under Section 271(1)(c) of the Income Tax Act, 1961, citing lack of conclusive evidence that the Assessee's explanation was false. The Tribunal upheld the deletion of penalty for excess claim under Section 10B of the Act, as the method of computation was supported by precedent. Regarding alleged excess stock, the Tribunal found no mala fides and allowed it as tax-neutral opening stock for the next year. The High Court dismissed the Revenue's appeal, affirming the Tribunal's decision in favor of the Assessee. en-us Thu, 21 Jun 2018 00:00:00 +0530 Sat, 13 Apr 2019 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375952 The Tribunal set aside the penalty imposed on the Respondent-Assessee under Section 271(1)(c) of the Income Tax Act, 1961, citing lack of conclusive evidence that the Assessee's explanation was false. The Tribunal upheld the deletion of penalty for excess claim under Section 10B of the Act, as the method of computation was supported by precedent. Regarding alleged excess stock, the Tribunal found no mala fides and allowed it as tax-neutral opening stock for the next year. The High Court dismissed the Revenue's appeal, affirming the Tribunal's decision in favor of the Assessee. Case-Laws Income Tax Thu, 21 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375952