1980 (4) TMI 195

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.... Act, 1961. 2. The assessee is a firm. For the asst. yr. 1975-76 the assessee filed a return on 27th Sept., 1975 showing an income of Rs. 64,611. When the assessee was called on to furnish particulars of valuation of closing stock, the assessee stated by a letter dt. 28th Oct., 1975 that the closing stock had been incorrectly valued inadvertently to the extent of Rs. 4,190 and the same may be a....

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....lly resulted in the assessee paying higher tax in the next assessment year which ruled out any culpability. It was submitted in the circumstances that the penalty imposed should be cancelled. On the other hand, the Revenue relied on the orders of the authorities below and submitted that the assessee having admitted the under valuation, the penalty was rightly imposed. 3. On a careful considerat....