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No penalty for concealment of income where excess stock was on account of wrong entries made in books of account: SC

February 28, 2019[2019] 104 29 (SC)/[2019] 262 Taxman 305 (SC)

IT: Where High Court upheld Tribunal's order deleting penalty under section 271(1)(c) by taking a view that alleged excess stock was not as a result of purchases made outside books of account, but was only on account of wrong entries in books of account and, thus, there was no concealment of income on part of assessee, SLP filed against decision of High Court was to be dismissed

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