Section 271(1)(c) Penalty Unsustainable for Genuine Accounting Entries

DCIT Vs Nevales Networks Pvt. Ltd. (ITAT Mumbai)

No Concealment Where Impairment Already Disallowed, Service Tax Credit Properly Expensed & Advance Revenue Properly Accounted–ITAT Mumbai Upholds CIT(A)’s Deletion of 271(1)(c) Penalty;

Revenue appealed against CIT(A)’s deletion of penalty of ₹80.73 lakh levied u/s 271(1)(c) on three additions made in assessment—(i) impairment loss on fixed assets (₹1.66 crore), (ii) service tax receivable (₹18 lakh), & (iii) advance subscription revenue (₹63.91 lakh). The assessee

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