https://www.taxtmi.com/caselaws?id=35023 The court affirmed the decision of the Income Tax Appellate Tribunal (ITAT) that the change in the method of accounting from mercantile to cash basis was bona fide and justified. The court also held that the penalty under Section 271(1)(c) of the Income Tax Act was not applicable. The appeal by the Revenue was dismissed, and no costs were awarded. en-us Mon, 28 Jul 2008 00:00:00 +0530 Tue, 01 Dec 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35023 The court affirmed the decision of the Income Tax Appellate Tribunal (ITAT) that the change in the method of accounting from mercantile to cash basis was bona fide and justified. The court also held that the penalty under Section 271(1)(c) of the Income Tax Act was not applicable. The appeal by the Revenue was dismissed, and no costs were awarded. Case-Laws Income Tax Mon, 28 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35023