1983 (1) TMI 132 - AT - Income Tax

Summary

The appeal was against a penalty of Rs. 3,221 imposed under section 271(1)(CIT). The penalty was confirmed by the AAC but was later cancelled by the ITAT Chandigarh. The mistake in carrying the closing stock figure as the gross profit was deemed inadvertent, and the penalty was considered wrongly imposed. The appeal was allowed.