https://www.taxtmi.com/caselaws?id=122552 The Appellate Tribunal ruled in favor of the assessee, finding that penalties imposed under section 271(1)(c) of the Income-tax Act for the assessment years 2002-03 and 2003-04 were unjustified. The Tribunal held that the assessee's accounting treatment of bonus liability was legitimate, and any errors were limited to the computation of taxable income. Emphasizing the need for establishing inaccurate particulars or concealment, the Tribunal concluded that the penalties were unwarranted, deleting them and allowing the assessee's appeals. en-us Fri, 18 Dec 2009 00:00:00 +0530 Tue, 14 Aug 2012 15:54:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122552 The Appellate Tribunal ruled in favor of the assessee, finding that penalties imposed under section 271(1)(c) of the Income-tax Act for the assessment years 2002-03 and 2003-04 were unjustified. The Tribunal held that the assessee's accounting treatment of bonus liability was legitimate, and any errors were limited to the computation of taxable income. Emphasizing the need for establishing inaccurate particulars or concealment, the Tribunal concluded that the penalties were unwarranted, deleting them and allowing the assessee's appeals. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122552