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Case Law Details

Case Name : ITO Vs M/s Akash Enterprises (ITAT Pune)
Related Assessment Year :
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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 bus

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