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2016 (9) TMI 800 - AT - Income TaxPenalty under section 271(1)(c) - difference of opinion about the recognisation of income or expenditure - Held that:- AO did not find any factual inaccuracy in the details of the assessee. The only difference in the stand of the assessee and the AO was a difference of opinion about the recognisation of income or expenditure. The assessee has been accounting the expenditure on mercantile basis and recognizing the income on cash basis. Such type of method is not permissible in law, but it was not case of the AO that this method was adopted by the assessee with deliberate attempt to conceal certain things. The assessee has pointed out that under bona fide mistake, it might have been done, and the explanation of the assessee was not found to be false, therefore, allow the appeal assessee and delete the penalty. - Decided in favour of assessee.
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