S. 271(1)(c), [S. 145], Court (SC), Penalty-Concealment-Mercantile method of accounting-Recovery of loan was doubtful-interest has shown as income-Deletion of penalty is held to be justified. [S. 145]

Section :- S. 271(1)(c), [S. 145] 

Court (SC)

Penalty-Concealment-Mercantile method of accounting-Recovery of loan was doubtful-interest has shown as income-Deletion of penalty is held to be justified. [S. 145]

Dismissing the appeal of the revenue the Court held that even though assessee had followed mercantile system of accounting not offering the interest on doubtful debt, levy of penalty is not justified.

CIT v. Hiralal Amritlal Parekh & Co. (2020) 117 taxmann.com 125 (Guj.)(HC)

Editorial: Revenue was granted two weeks time to refile SLP and, in case of revenue's failure to do so, SLP would be treated as dismissed for non-prosecution CIT v. Hiralal Amritlal Parekh & Co. (2020) 272 Taxman 96 (SC)