https://www.taxtmi.com/caselaws?id=433797 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. It was found that the change in the method of revenue recognition from project completion to percentage completion did not amount to furnishing inaccurate particulars of income or concealment of income. The Tribunal emphasized that the issue was debatable, and no penalty should be levied on such grounds. The Revenue's appeal was dismissed, and the penalty was directed to be deleted. en-us Mon, 06 Feb 2023 00:00:00 +0530 Thu, 09 Feb 2023 10:00:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433797 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. It was found that the change in the method of revenue recognition from project completion to percentage completion did not amount to furnishing inaccurate particulars of income or concealment of income. The Tribunal emphasized that the issue was debatable, and no penalty should be levied on such grounds. The Revenue's appeal was dismissed, and the penalty was directed to be deleted. Case-Laws Income Tax Mon, 06 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433797