https://www.taxtmi.com/caselaws?id=386246 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the appeal filed by the Revenue challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the Respondent, a construction company, had a bonafide belief in using the project completion method for income computation, given ongoing litigation affecting revenue recognition. The Tribunal concluded there was no intention to furnish inaccurate income particulars, leading to the dismissal of the appeal without interference. en-us Mon, 16 Sep 2019 00:00:00 +0530 Wed, 25 Sep 2019 06:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386246 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the appeal filed by the Revenue challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the Respondent, a construction company, had a bonafide belief in using the project completion method for income computation, given ongoing litigation affecting revenue recognition. The Tribunal concluded there was no intention to furnish inaccurate income particulars, leading to the dismissal of the appeal without interference. Case-Laws Income Tax Mon, 16 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386246