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Penalty for stock-1

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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..
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Sanchit Jain

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Sanchit Jain (Querist)
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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