[aaykarbhavan] No penalty if value of excess stock found during survey had been surrendered by assessee and accepted by revenue

 

No penalty if value of excess stock found during survey had been surrendered by assessee and accepted by revenue

November 17, 2014[2014] 50 taxmann.com 93 (Indore - Trib.)/[2014] 160 TTJ 35 (Indore - Trib.)

IT : No penalty could be levied under section 271(1)(c) with respect to old stock accumulated over years, value of which was surrendered by assessee during current year and accepted by Assessing Officer; no penalty on account of valuation difference when quantity of stock remained same

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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