https://www.taxtmi.com/caselaws?id=441518 Penalty under section 271(1)(c) for an addition relating to excess gold stock was considered in light of the assessee's failure to fully substantiate the stock discrepancy. Although the quantum addition had been sustained, the Tribunal viewed the penalty as excessive on the facts and found that the maximum levy was not warranted. It therefore confined the penalty to the minimum prescribed level, namely 100% of the tax sought to be evaded. en-us Fri, 24 Mar 2023 00:00:00 +0530 Thu, 10 Aug 2023 07:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441518 Penalty under section 271(1)(c) for an addition relating to excess gold stock was considered in light of the assessee's failure to fully substantiate the stock discrepancy. Although the quantum addition had been sustained, the Tribunal viewed the penalty as excessive on the facts and found that the maximum levy was not warranted. It therefore confined the penalty to the minimum prescribed level, namely 100% of the tax sought to be evaded. Case-Laws Income Tax Fri, 24 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441518