https://www.taxtmi.com/caselaws?id=187301 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) of the IT Act for the assessment year 2003-04. The Tribunal upheld the assessee's method of recognizing income from third party insurance administrative services, based on a specific apportionment approach. It found that the assessee had fully disclosed the method and expenses, following the matching concept of income and expenses. The Tribunal concluded that there was no concealment or inaccurate particulars, leading to the penalty deletion being upheld on 25th September 2009. en-us Fri, 25 Sep 2009 00:00:00 +0530 Mon, 17 Oct 2016 18:12:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187301 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) of the IT Act for the assessment year 2003-04. The Tribunal upheld the assessee's method of recognizing income from third party insurance administrative services, based on a specific apportionment approach. It found that the assessee had fully disclosed the method and expenses, following the matching concept of income and expenses. The Tribunal concluded that there was no concealment or inaccurate particulars, leading to the penalty deletion being upheld on 25th September 2009. Case-Laws Income Tax Fri, 25 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187301