Penalty for stock-1

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Sanchit Jain (Querist)
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29 March 2013 WE have received a notice for levy of penalty of Rs.10,000 for non-filing of Stock-1. AS per the circular that was issued, it was stated that if no Stock-1 is filed, it will be presumed that Stock is Nil. There is no transaction in the firm for the last 2-3 years and the stock and hence, we did not file Stock-1. Then why this penalty and under which sub section of 86 is also not clear? Please advise..

Sanchit Jain

Sanchit Jain (Querist)
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14 June 2014 Can someone please share the Delhi High Court judgment wherein this penalty has been stayed? The online forms are not been generated because of this penalty.

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