https://www.taxtmi.com/caselaws?id=55542 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271(1)(c) and 273(2)(a) of the IT Act. In the first issue, the penalty for failure to include goods in the closing stock was deleted due to unintentional omission and lack of conscious concealment. The second issue involved the deletion of penalty for an assessment reopened under section 147, following a Supreme Court judgment that reassessment did not warrant penalties pre-Explanation 2 to section 139(8). The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions in both instances. en-us Mon, 21 Apr 1997 00:00:00 +0530 Sat, 27 Nov 2010 16:15:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55542 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271(1)(c) and 273(2)(a) of the IT Act. In the first issue, the penalty for failure to include goods in the closing stock was deleted due to unintentional omission and lack of conscious concealment. The second issue involved the deletion of penalty for an assessment reopened under section 147, following a Supreme Court judgment that reassessment did not warrant penalties pre-Explanation 2 to section 139(8). The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions in both instances. Case-Laws Income Tax Mon, 21 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55542