https://www.taxtmi.com/caselaws?id=58207 The Tribunal canceled the penalty imposed on the assessee under section 271(1)(c) for failure to disclose the correct value of closing stock, resulting in an increased declared loss. The Tribunal found the explanation provided by the assessee credible, noting the absence of any benefit to the assessee or loss to the Revenue due to the error, which was promptly admitted. It was concluded that there was no guilty intention on the part of the assessee, leading to the cancellation of the penalty and allowing the appeal. en-us Fri, 28 Jul 1989 00:00:00 +0530 Fri, 17 Dec 2010 18:10:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58207 The Tribunal canceled the penalty imposed on the assessee under section 271(1)(c) for failure to disclose the correct value of closing stock, resulting in an increased declared loss. The Tribunal found the explanation provided by the assessee credible, noting the absence of any benefit to the assessee or loss to the Revenue due to the error, which was promptly admitted. It was concluded that there was no guilty intention on the part of the assessee, leading to the cancellation of the penalty and allowing the appeal. Case-Laws Income Tax Fri, 28 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58207