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

Please become a Premium member. If you are already a Premium member, login here to access the full content.