https://www.taxtmi.com/caselaws?id=418838 The appeal regarding the addition due to undervaluation of closing stock was dismissed, while the appeal against the penalty for furnishing inaccurate particulars of income was allowed, quashing the penalty order. The tribunal found that the penalty was not justified as it was a case of valuation difference rather than conscious concealment or furnishing inaccurate particulars. en-us Mon, 21 Feb 2022 00:00:00 +0530 Fri, 25 Feb 2022 08:34:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418838 The appeal regarding the addition due to undervaluation of closing stock was dismissed, while the appeal against the penalty for furnishing inaccurate particulars of income was allowed, quashing the penalty order. The tribunal found that the penalty was not justified as it was a case of valuation difference rather than conscious concealment or furnishing inaccurate particulars. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418838