https://www.taxtmi.com/caselaws?id=176888 The penalties imposed under section 271(1)(c) of the Income-tax Act were deleted by the Commissioner of Income-tax (Appeals) in two appeals. The Assessing Officer had levied penalties due to the assessee's accounting method not including work-in-progress for income computation. The CIT(A) found the method used was acceptable and did not conceal any figures, leading to the deletion of penalties. The Tribunal upheld this decision, emphasizing that a change in accounting method did not amount to furnishing inaccurate particulars of income, in line with the decision in CIT v. Reliance Petroproducts Pvt. Ltd. en-us Tue, 11 May 2010 00:00:00 +0530 Wed, 30 Dec 2015 16:12:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176888 The penalties imposed under section 271(1)(c) of the Income-tax Act were deleted by the Commissioner of Income-tax (Appeals) in two appeals. The Assessing Officer had levied penalties due to the assessee's accounting method not including work-in-progress for income computation. The CIT(A) found the method used was acceptable and did not conceal any figures, leading to the deletion of penalties. The Tribunal upheld this decision, emphasizing that a change in accounting method did not amount to furnishing inaccurate particulars of income, in line with the decision in CIT v. Reliance Petroproducts Pvt. Ltd. Case-Laws Income Tax Tue, 11 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176888