High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Not Leviable Where Assessee's Method of Accounting Was Not Accepted but No Concealment or Inaccurate Particulars Found. The court held that mere rejection of the method of accounting does not attract penalty under Section 271(1)(c) of the Income Tax Act, 1961; the Revenue must establish concealment or furnishing of inaccurate particulars.
22 Sep 2015The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) dated 21.11.2014, which had dismissed the Revenue's appeal and uphe...




