M/S VRL LOGISTICS LTD,HUBLI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), HUBLI

In the result, the assessee’s appeal is allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Penalty proceedings under section 271(1)(c) of the Act, are initiated accordingly for furnishing inaccurate particulars of income.” ITA No.2780 /Bang/2017 Page 9 of 12 9. In this regard, the assessee submitted that bills and vouchers were submitted by the contractor in the subsequent year and after verification they were accounted for in the subsequent year only