Dismissing the appeal of the revenue the Court held that, addition on account of excess stock was only on account of wrong entries in books of account and in any case higher stock-in-trade declared as closing stock in a particular year would be taken as opening stock at beginning of next year and, therefore, tax effect of such alleged excess stock was ‘NIL’. Accordingly order of Tribunal deleting the penalty was upheld. (AY.2007 -08 to 2010-11)
PCIT v. Deccan Mining Syndicate (P.) Ltd. (2019) 104 taxmann.com 110 / 262 Taxman 259/ 104 taxmann.com 306 / 262 Taxman 306/ 308 CTR 858 (Karn.)(HC) Editorial: SLP of revenue is dismissed, PCIT v. Deccan Mining Syndicate (P.) Ltd ( 2019) 262 Taxman 358 / 262 Taxman 305 (SC)
S. 271(1)(c) : Penalty–Concealment–Excess stock–Wrong entries in books of account- Deletion of penalty is held to be justified. [S. 145]