https://www.taxtmi.com/caselaws?id=437899 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the penalty under section 271(1)(c). The judgment emphasized aligning revenue recognition with the chosen accounting method and clarified that changing accounting approaches does not constitute concealment. The penalty was deemed unwarranted as the assessee revised its return to comply with recognized methods, supported by the absence of a legal requirement to follow specific accounting standards for the relevant assessment year. en-us Mon, 15 May 2023 00:00:00 +0530 Tue, 16 May 2023 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437899 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the penalty under section 271(1)(c). The judgment emphasized aligning revenue recognition with the chosen accounting method and clarified that changing accounting approaches does not constitute concealment. The penalty was deemed unwarranted as the assessee revised its return to comply with recognized methods, supported by the absence of a legal requirement to follow specific accounting standards for the relevant assessment year. Case-Laws Income Tax Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437899