SMT.JAMMELA S,KOLLAM vs. THE DCIT, KOLLAM

In the result, appeal of the assessee is allowed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

u/s 271(l)(c) was imposed. The Assessing Officer relied on the decision of Madras High Court in Sri Nityakalyani Textiles Ltd. vs. DCIT (282 ITR 154) which justified levy of penalty on under-valuation of closing stock. Further, it 3 I.T.A. No.463 /Coch/2019 was noticed that the assessee had failed to furnish reasonable cause as envisaged in section 273B

MUDIYILATHU RADHAKRISHNAKURUP RESMIKALA,CHENGANNOOR vs. ITO, WARD-2, THIRUVALLA, THIRUVALLA

In the result, the appeals filed by the assessee stand partly allowed for statistical purposes