https://www.taxtmi.com/caselaws?id=331518 The ITAT upheld the CIT(A)'s decision to delete the penalty of Rs. 1,50,00,000/- imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had disclosed all material facts, followed a recognized income recognition method, and the ongoing litigation affected revenue recognition. Consequently, the ITAT ruled that no penalty was warranted as the assessee did not furnish inaccurate income particulars. The revenue's appeal was dismissed. en-us Fri, 08 Jul 2016 00:00:00 +0530 Fri, 26 Aug 2016 13:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331518 The ITAT upheld the CIT(A)'s decision to delete the penalty of Rs. 1,50,00,000/- imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had disclosed all material facts, followed a recognized income recognition method, and the ongoing litigation affected revenue recognition. Consequently, the ITAT ruled that no penalty was warranted as the assessee did not furnish inaccurate income particulars. The revenue's appeal was dismissed. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331518