2018 (10) TMI 609

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....JUSTICE AKIL KURESHI) 1. Revenue has filed this appeal against the judgment of the Income tax Appellate Tribunal dated 26.2.2018. Following question is presented for our consideration. "Whether the Appellate Tribunal has substantially erred in deleting the penalty u/s.271(1)(c) of the Act levied on account of under valuation of closing stock ?" 2. Issue pertains to penalty imposed b....

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.... the facts of the case in hand show that the business continued in the hands of the partnership firm and the stock in trade were never valued. The facts of the case in hand are in line with the facts considered by the Hon'ble Supreme Court in the case of Shakti Trading Company (supra). In our considered opinion, when the method adopted by the assessee was duly supported by the decision of the ....