https://www.taxtmi.com/caselaws?id=279086 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed by the lower authorities. The Tribunal found that the disallowance of brought forward expenses and the computation of income based on the Project Completion Method did not justify the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal held that the assessee's accounting method was a valid approach, and there was no sufficient evidence of inaccurate particulars or income concealment to warrant the penalty imposition. en-us Wed, 27 Aug 2014 00:00:00 +0530 Sat, 09 Mar 2019 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279086 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed by the lower authorities. The Tribunal found that the disallowance of brought forward expenses and the computation of income based on the Project Completion Method did not justify the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal held that the assessee's accounting method was a valid approach, and there was no sufficient evidence of inaccurate particulars or income concealment to warrant the penalty imposition. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279086