Penalty u/s. 271(1)(c) not leviable as change in method of accounting not concealment

ITO Vs Raviraj Ventures (ITAT Pune) ITAT Pune held that change in method of accounting cannot partake character of concealment. Accordingly, penalty under section 271(1)(c) of the Income Tax Act not leviable. Facts- A search u/s 132 of the Act was conducted in the case of the assessee on 29/08/2016. During the course of search, it was noticed that the ongoing project ‘Aurete’ at Pimple Saudagar, Pune has been substantially completed and sales have been executed, but revenue has not been recognized by the assessee. During the course of search, certain documents were found at the business pr...