https://www.taxtmi.com/caselaws?id=64104 The Tribunal concluded that no penalty under section 18(1)(c) was applicable for the assessment years 1971-72 and 1972-73. The method of accounting for amounts received from American Express as liabilities was accepted by the Income-tax Officer for previous years, leading to confusion and influencing the assessee's continued use of the same method. As a result, the penalties imposed for both years were canceled, and the appeals were allowed. en-us Sat, 05 Jun 1976 00:00:00 +0530 Thu, 03 Feb 2011 18:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64104 The Tribunal concluded that no penalty under section 18(1)(c) was applicable for the assessment years 1971-72 and 1972-73. The method of accounting for amounts received from American Express as liabilities was accepted by the Income-tax Officer for previous years, leading to confusion and influencing the assessee's continued use of the same method. As a result, the penalties imposed for both years were canceled, and the appeals were allowed. Case-Laws Income Tax Sat, 05 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64104