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2016 (5) TMI 52 - ITAT JAIPURPenalty under section 271(1)(c) - taxes were paid u/s 115JB on book profit - Details of capital loss to be disallowed u/s 94(7) - for the assessment year 2005-06 the form meant for filing the return of income did not contain column required for giving the particulars in respect of dividend stripping under section 94(7) or 94(8). - Held that:- In the present case the assessee has given the full and complete details of the short-term loss accrued to it and also dividend earned by him. The assessee has paid the tax on the book profit and was not assessed under the normal provisions of the Income-tax Act. If the assessee was to be assessed under normal provisions of the Act, there is no tax liability. The Assessing Officer while computing the tax liability has given the calculation under normal provisions of law as well as under minimum alternate tax. From the perusal of order it is crystal clear that the failure on the part of the assessee to give effect to section 94(7) has no bearing on the payment of tax to be paid, therefore no penalty can be imposed on the basis of tax sought to be evaded, as there is no evasion of any tax liability - Decided in favour of assessee
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