https://www.taxtmi.com/caselaws?id=25230 The court ruled in favor of the assessee, stating that the Revenue failed to prove concealment of income regarding the undervaluation of closing stock. Therefore, the penalty under section 271(1)(c) of the Income-tax Act was not justified. The court did not address the second issue raised in the case. en-us Wed, 03 Feb 1988 00:00:00 +0530 Wed, 27 Jan 2010 12:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25230 The court ruled in favor of the assessee, stating that the Revenue failed to prove concealment of income regarding the undervaluation of closing stock. Therefore, the penalty under section 271(1)(c) of the Income-tax Act was not justified. The court did not address the second issue raised in the case. Case-Laws Income Tax Wed, 03 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25230