https://www.taxtmi.com/caselaws?id=282139 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for understating closing stock value. The Tribunal held that the mere difference in valuation does not imply concealment of income. The acceptance of an addition in quantum proceedings does not automatically lead to a penalty. As the addition was solely based on an estimate by the Assessing Officer without evidence of incorrect valuation by the assessee, the Tribunal ordered the deletion of the penalty amounting to Rs. 45,100. en-us Mon, 15 Jun 2015 00:00:00 +0530 Wed, 24 Jul 2019 06:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282139 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for understating closing stock value. The Tribunal held that the mere difference in valuation does not imply concealment of income. The acceptance of an addition in quantum proceedings does not automatically lead to a penalty. As the addition was solely based on an estimate by the Assessing Officer without evidence of incorrect valuation by the assessee, the Tribunal ordered the deletion of the penalty amounting to Rs. 45,100. Case-Laws Income Tax Mon, 15 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282139