Dismissing the appeal of the revenue the Court held that, the difference between the assessee and the revenue is merely on account of difference in the year of allowability of claim and in the absence of any doubt with regard to genuineness of the expenses claimed, penal provision cannot be attracted. Accordingly the order of Tribunal is affirmed. (Arising from ITA No. 4403/M/ 2013 dt. 29-04-2016) (ITA No.992 of 2017 dt. 17-09-2019 (AY. 2007-08)
CIT v. Lokhandwala Construction Industries Pvt. Ltd. (2019) BCAJ-December-P. 41 (Bom.)(HC)
S. 271(1)(c) : Penalty–Concealment–Method of accounting-Project completion method-Year of allowability of expenses–Mere making the claim which is not sustainable in law will not amount to furnishing in accurate particulars of income-Penalty cannot be levied. [S. 145]