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The Tax Publishers Monika Telecom Pipes (P) Ltd. v. Asstt. CIT [ITA No. 314/Del/2014, dt. 30-3-2016] : 2016 TaxPub(DT) 2140 (Del-Trib) Levy of penalty for wrong stock estimation and VAT payment *Facts:* Assessee in a survey was slapped with an addition of wrong stock estimated by the department. Similarly goods were delivered to BSNL @ 2% CST which in UP was 4% as per VAT laws. Thus had to pay the addition 2% out of pocket and debited this in the books as an expense. The assessing officer disallowed the above items and levied penalty for concealment under section 271(1)(c) also upheld by the Commissioner (Appeals). On further appeal: Held in favour of the assessee that no concealment penalty levy is warranted in such cases.

The Tax Publishers

Monika Telecom Pipes (P) Ltd. v. Asstt. CIT [ITA No. 314/Del/2014, dt. 30-3-2016] : 2016 TaxPub(DT) 2140 (Del-Trib)

Levy of penalty for wrong stock estimation and VAT payment

Facts:

Assessee in a survey was slapped with an addition of wrong stock estimated by the department. Similarly goods were delivered to BSNL @ 2% CST which in UP was 4% as per VAT laws. Thus had to pay the addition 2% out of pocket and debited this in the books as an expense. The assessing officer disallowed the above items and levied penalty for concealment under section 271(1)(c) also upheld by the Commissioner (Appeals). On further appeal:

Held in favour of the assessee that no concealment penalty levy is warranted in such cases.