No Penalty could be levied u/s 271(1)(c) if only advance is received and no actual sale is made

Brief of the Case In the present facts of the case the Hon’ble Tribunal held that whenever the consideration is received in advance for the particular sale, The money will be taxed in the year in which the sale is made and not in the assessment year in which the advances are received. Therefore, no penalty could be levied u/s 271(1)(c). Facts of the Case The assessee is a partnership firm engaged in the business of building construction. A search action u/s.132 of the I.T. Act was carried out at the business and residence premises. Simultaneously, the factory premises and residence of other ...