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2018 (6) TMI 1399 - HC - Income TaxPenalty u/s 271(1)(c) - excessive deduction claimed under Section 10B - Held that:- Since the Tribunal has reiterated the findings of facts that both the additions made to the income of the Assessee having been set aside following the decision of the High Court in the case of Tata Elxsi Ltd.,[2011 (8) TMI 782 - KARNATAKA HIGH COURT] as far as issue of Section 10B is concerned Additions made in the income on account of alleged excess stock - the said alleged excess stock was not as a result of purchases made outside the books of accounts, but was only on account of wrong entries in the books of accounts and in any case the higher stock in trade declared as closing stock in a particular year would be taken as opening stock at the beginning of the next year and therefore the tax effect of such alleged excess stock is ‘Nil’ and thus it being a tax neutral entry, no concealment on the part of the Assessee, attracting penalty under Section 271[1][c] - Decided in favour of assessee.
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