https://www.taxtmi.com/caselaws?id=199461 The Tribunal allowed the appeal of the assessee and set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's decision not to recognize interest income due to merged entities was bona fide and in accordance with its accounting policy, supported by explanations in the notes on accounts. The Tribunal emphasized that the Assessing Officer had focused on one aspect without considering the overall approach of the assessee, leading to the deletion of the penalty based on relevant case laws. en-us Fri, 30 Jan 2015 00:00:00 +0530 Thu, 01 Mar 2018 07:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199461 The Tribunal allowed the appeal of the assessee and set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's decision not to recognize interest income due to merged entities was bona fide and in accordance with its accounting policy, supported by explanations in the notes on accounts. The Tribunal emphasized that the Assessing Officer had focused on one aspect without considering the overall approach of the assessee, leading to the deletion of the penalty based on relevant case laws. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199461