Penalty u/s 271(l)(c) - recognization of revenue as per AS-9 - ...

Penalty u/s 271(1)(c) for revenue recognition under AS-9 deemed unsustainable; AS-7 method not mandatory that year.

May 17, 2023

Case Laws Income Tax AT

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

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Penalty u/s 271(l)(c) - recognization of revenue as per AS-9 - ...

Penalty u/s 271(1)(c) for revenue recognition under AS-9 deemed unsustainable; AS-7 method not mandatory that year.

May 17, 2023

Case Laws Income Tax AT

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