https://www.taxtmi.com/caselaws?id=199461 Penalty for concealment or furnishing inaccurate particulars was deleted where an NBFC did not recognise accrued interest income relating to merged entities. The non-recognition was explained in the notes to accounts as arising from pending finalisation of terms and was applied consistently with the accounting treatment of related interest expenditure. The Tribunal treated the explanation as bona fide and supported by disclosed details, finding that the assessment had focused on isolated non-recognition rather than the assessee's overall accounting approach. The omission therefore did not justify penalty under section 271(1)(c). 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 Penalty for concealment or furnishing inaccurate particulars was deleted where an NBFC did not recognise accrued interest income relating to merged entities. The non-recognition was explained in the notes to accounts as arising from pending finalisation of terms and was applied consistently with the accounting treatment of related interest expenditure. The Tribunal treated the explanation as bona fide and supported by disclosed details, finding that the assessment had focused on isolated non-recognition rather than the assessee's overall accounting approach. The omission therefore did not justify penalty under section 271(1)(c). Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199461