https://www.taxtmi.com/caselaws?id=335131 The tribunal concluded that penalties under Section 271(1)(c) for the assessment years 2003-04 to 2005-06 were incorrectly levied. The penalties were based on estimated income and reworked revenue recognition, not constituting willful concealment or furnishing inaccurate particulars. The tribunal directed the A.O. to delete the penalties, emphasizing the revenue-neutral nature of the additions and the absence of factual discrepancies in the assessee's contract receipts. The appeals filed by the assessee were partly allowed. en-us Thu, 22 Sep 2016 00:00:00 +0530 Sat, 26 Nov 2016 10:31:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335131 The tribunal concluded that penalties under Section 271(1)(c) for the assessment years 2003-04 to 2005-06 were incorrectly levied. The penalties were based on estimated income and reworked revenue recognition, not constituting willful concealment or furnishing inaccurate particulars. The tribunal directed the A.O. to delete the penalties, emphasizing the revenue-neutral nature of the additions and the absence of factual discrepancies in the assessee's contract receipts. The appeals filed by the assessee were partly allowed. Case-Laws Income Tax Thu, 22 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335131