Penalty u/s 271(1)(c) up to 100% of tax evaded justified in case of excess stock found during survey

Kishore Kumar Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad in case of excess stock of gold found during survey held that penalty u/s 271(1)(c) of the Income Tax Act up to 100% of the tax evaded is justified instead of 298% as upheld by CIT(A).

Facts- The assessee is an individual and engaged in the business of gold and pawn broking in the name and style of M/s. Jaidev Jewellers and Jawanmal Gulabchand Bankers respectively at Narsapuram wherein he is the proprietor. A survey ope

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