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2009 (9) TMI 1004 - ITAT DELHI

2009 (9) TMI 1004 - ITAT DELHI - TMI - ITA No.503/Del/2009 - Dated:- 25-9-2009 - Shri D.R.Singh, JM, And Shri R.C.Sharma, AM For the Appellant : Shri H.K.Lal, DR. For the Respondent : Shri Sanjay Sood, CA. ORDER PER R.C.SHARMA, AM : This is an appeal filed by the Revenue against the order of CIT(A) dated 27.11.2008 for the AY 2003-04, in the matter of deletion of penalty imposed u/s 271(1)(c) of the IT Act. 2. Rival contentions have been heard and record perused. Facts in brief are that the asse .....

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e related costs. Balance 30% is recognized over next three quarters equally. With regard to spreading of income, the AO did not agree and after referring to the mercantile system of accounting being followed by the assessee, he added entire amount of TPA fee as income of the assessee during the year under consideration. In the first appeal, CIT(A) confirmed the action of the AO. However, in an appeal filed before the Tribunal, the issue was decided in favour of the assessee with a direction to t .....

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for one year to provide for book services, therefore, as per the matching concept of accounting income and expenses, there was no furnishing of inaccurate particulars or concealment of income by the assessee, therefore no penalty was warranted for such accounting of income. Aggrieved by this order of CIT(A), the Revenue is in further appeal before us. 4. We have considered the rival contentions, carefully gone through the orders of the authorities below and found from the record that assessee i .....

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g to one year and the services were to be rendered for the entire one year, the amount of TPA fees received in the last quarter of the year was belonging to the period covering three quarters of the next year also. Keeping in view the expenses to be incurred in next three quarters, the part of the income was also postponed to the three quarters of the next year. The AO was of the view that entire fee should be booked as income in the quarter in which it was received and invoiced and the apportio .....

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