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2014 (12) TMI 750 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) – Penalty imposed because of difference in the stock between the stock statements - No concealment made by assessee - Held that:- The Tribunal rightly directed to delete the penalty while relying upon CIT v. Bharat Minerals Sales Corpn. [2001 (8) TMI 72 - CALCUTTA High Court] - there was as such no concealment by the assessee and the stock statement given to the Bank was purely for the purpose of accommodating existing bank finances and the assessee was required to submit stock statement showing a particular value of the stock in order to continuously enjoy overdraft facility and whatever was submitted before the Bank was disclosed before the authority and therefore as such there was no concealment, to impose the penalty imposed u/s 271(1)(c) – thus, as such no substantial question of law arise for consideration and the order of the Tribunal is upheld – Decided against revenue.
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