Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 1048 - ITAT DELHIPenalty levied under sec. 271(1)(c) - income computed in accordance with the normal procedure is less than the income determined under sec. 115JB - CIT(A) deleted the penalty - Held that:- Hon'ble jurisdictional Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd. [2010 (8) TMI 40 - DELHI HIGH COURT ] has been pleased to hold that where the income computed in accordance with the normal procedure is less than the income determined by legal fiction, namely, the book profits under sec. 115JB of the Act and the income of the assessee is assessed under sec. 115JB of the Act and not under the normal provisions, the tax is paid on the income assessed under sec. 115JB of the Act, concealment of income would have no role to play and would not lead to tax evasion, therefore, penalty cannot be imposed on the basis of the disallowances or additions made under the regular provisions. Thus we hold that the Learned CIT(Appeals) in the present case has rightly deleted the penalty levied on the basis of assessment framed under normal provisions keeping in mind that income computed in accordance with the normal procedure is less than the income determined under sec. 115JB of the Act - Decided in favour of assessee
|