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2017 (11) TMI 727 - RAJASTHAN HIGH COURTPenalty u/s 271(1)(c) - stock valuation - addition made towards the valuation of closing stock of Emerald Cut Stock, on the agreed basis, u/s. 145(3) - Held that:- From the order of AO, it seems that because of the pressure, the appellant has surrendered the amount. It is a case of consent and the CIT(A) while considering the decision of Supreme Court in case of Commissioner of Income Tax vs. Reliance Petroproducts Pvt. Ltd., (2010 (3) TMI 80 - SUPREME COURT) and other decisions the Tribunal was not justified in holding that correct statement of the valuation of the closing stock was not filed alongwith the return. - Decided in favour of assessee.
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