1982 (1) TMI 101 - AT - Income Tax

Summary

The assessee appealed against CIT(A) order for asst. yr. 1975-76 regarding valuation of closing stock of Deshi Khand. ITO valued stock at Rs. 400 per quintal, assessee at Rs. 300 per quintal. Penalty of Rs. 9,000 imposed for under-valuation. Tribunal cancelled penalty, citing lack of mala fide intent in valuation. Appeal allowed.