TMI BlogPenalty u/s 271(l)(c) - recognization of revenue as per AS-9 - Section 43CB has been inserted w.e.f....Penalty u/s 271(l)(c) - recognization of revenue as per AS-9 - Section 43CB has been inserted w.e.f. 1/4/2017. Hence Section 43CB is not applicable to the year under consideration. Revenue has raised a ground that Assessee had violated law by not following AS-7 method of Accounting, however, it was never, a compulsory method for the year under consideration. Hence, there is no violation qua AS-7. We agree with the Ld. CIT(A) that Penalty u/s 271(1)(c) is not sustainable - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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