No Penalty when Quantum addition itself not sustained; No Statutory Obligation to follow FIFO Method for Stock Valuation

At the outset ld. Authorised Representative submitted that the quantum addition of Rs. 5,46,407/- in respect of under valuation of closing stock has been deleted by the Tribunal, Ahmedabad vide ITA No.1063/Ahd/2013 pronounced on 16.8.16 and, therefore, as the quantum addition has been deleted, the penalty u/s 271(1)(c) of the Act will not stand and deserves to be deleted. Ld. Departmental Representative could not controvert the submissions made by ld. Authorised Representative.  We have heard the rival contentions and perused the material placed before us and gone through the decision relied ...