https://www.taxtmi.com/caselaws?id=423121 The Tribunal partially allowed the appeals in favor of the assessee, upholding the applicability of Section 11(4A) of the Income Tax Act, validating the hybrid system of accounting, and confirming entitlement to exemption under Section 11. The Tribunal's decision was influenced by higher court directives and the Revenue's failure to substantiate claims. The penalties under Section 271(1)(c) were indirectly affected by these rulings, emphasizing the Revenue's obligation to comply with directions and verify documents. en-us Fri, 27 May 2022 00:00:00 +0530 Fri, 02 Dec 2022 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423121 The Tribunal partially allowed the appeals in favor of the assessee, upholding the applicability of Section 11(4A) of the Income Tax Act, validating the hybrid system of accounting, and confirming entitlement to exemption under Section 11. The Tribunal's decision was influenced by higher court directives and the Revenue's failure to substantiate claims. The penalties under Section 271(1)(c) were indirectly affected by these rulings, emphasizing the Revenue's obligation to comply with directions and verify documents. Case-Laws Income Tax Fri, 27 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423121