https://www.taxtmi.com/caselaws?id=56995 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271(1)(c), dismissing the revenue's appeals. The differences in stock valuation were attributed to lower G.P. rates, not stock suppression, indicating no intent to conceal income. The explanations regarding stock valuation and deposits were deemed plausible, with no evidence of mala fide intentions. Consequently, penalties were not deemed exigible, and the deletion of penalties was confirmed. en-us Thu, 27 May 1999 00:00:00 +0530 Tue, 07 Dec 2010 17:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56995 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271(1)(c), dismissing the revenue's appeals. The differences in stock valuation were attributed to lower G.P. rates, not stock suppression, indicating no intent to conceal income. The explanations regarding stock valuation and deposits were deemed plausible, with no evidence of mala fide intentions. Consequently, penalties were not deemed exigible, and the deletion of penalties was confirmed. Case-Laws Income Tax Thu, 27 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56995