https://www.taxtmi.com/caselaws?id=382945 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) for under-valuation of closing stock and higher claim of depreciation for A.Y. 2008-09. The Tribunal found the explanations provided by the assessee regarding the valuation of closing stock and depreciation claim on the building to be reasonable and plausible, leading to the cancellation of the penalty by directing the Assessing Officer to do so. en-us Thu, 11 Jul 2019 00:00:00 +0530 Sat, 13 Jul 2019 08:03:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382945 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) for under-valuation of closing stock and higher claim of depreciation for A.Y. 2008-09. The Tribunal found the explanations provided by the assessee regarding the valuation of closing stock and depreciation claim on the building to be reasonable and plausible, leading to the cancellation of the penalty by directing the Assessing Officer to do so. Case-Laws Income Tax Thu, 11 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382945