TMI Blog1980 (4) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... led a return on 27th Sept., 1975 showing an income of Rs. 64,611. When the assessee was called on to furnish particulars of valuation of closing stock, the assessee stated by a letter dt. 28th Oct., 1975 that the closing stock had been incorrectly valued inadvertently to the extent of Rs. 4,190 and the same may be added back to the income returned. The assessment was completed by making that addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led out any culpability. It was submitted in the circumstances that the penalty imposed should be cancelled. On the other hand, the Revenue relied on the orders of the authorities below and submitted that the assessee having admitted the under valuation, the penalty was rightly imposed. 3. On a careful consideration of the rival submissions, we are of the opinion that the imposition of penalty c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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