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2018 (10) TMI 609 - HC - Income TaxLevy of penalty 271(1)(c) - under valuation of closing stock - ITAT deleted the penalty - Held that:- Tribunal deleted the penalty imposed by the Assessing Officer and confirmed by the CIT (Appeals) on the ground that the issue was highly debatable and that there was no filing of inaccurate particulars or concealment of income by the assessee. - We see no reason to interfere. - Decided against the revenue.
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