1988 (11) TMI 42 - HC - Income Tax

Summary

The High Court held that the Tribunal was correct in canceling the penalty imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act. The assessee's evidence showing the actual sale price of the closing stock rebutted the presumption of undervaluation. The court cited previous decisions to support its ruling. The penalty was canceled, and no costs were awarded.