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2023 (5) TMI 838 - AT - Income TaxPenalty u/s 271(1)(c) - assessee contented that no penalty is livable when the assessed income is finally made under the provisions of section 115JB - HELD THAT - We observe that the Tribunal in the case of M/s. Samin Tekmindz India Pvt. Ltd. 2019 (8) TMI 449 - ITAT DELHI following the decision of the jurisdictional High Court in the case of CIT Vs. Nalwa Sons Investments Ltd. 2010 (8) TMI 40 - DELHI HIGH COURT deleted the penalty levied u/s 271(1)(c). Thus sustain the order of the ld. CIT (Appeals) in deleting the penalty levied u/s 271(1)(c). Appeal of revenue dismissed.
Issues Involved:
- Appeal against penalty levied u/s 271(1)(c) of the Income Tax Act for assessment years 2010-11 and 2011-12. Summary: 1. The Revenue appealed against penalty orders imposed u/s 271(1)(c) by the ld. Commissioner of Income Tax (Appeals) for the assessment years 2010-11 and 2011-12. 2. The Revenue contended that the penalty proceedings initiated under section 271(1)(c) were valid, citing relevant case law to support their position. 3. The assessee argued that penalty under section 271(1)(c) was not applicable as the income was assessed under Minimum Alternate Tax (MAT) provisions, referencing the decision of the Hon'ble Delhi High Court in CIT Vs. Nalwa Sons Investments Ltd. 4. Assessments for the years 2010-11 and 2011-12 were initially completed under normal provisions of the Act, but certain additions/disallowances were later deleted by the Tribunal, resulting in revised assessments. 5. The ld. CIT (Appeals) held that penalty under section 271(1)(c) was not sustainable based on the decision of the Hon'ble Delhi High Court in CIT Vs. Nalwa Sons Investments Ltd. 6. Following the precedent set by the jurisdictional High Court, the Tribunal upheld the decision of the ld. CIT (Appeals) and dismissed the Revenue's appeals against the penalty orders for both assessment years. 7. The Tribunal emphasized that the facts of the case aligned with the decision in CIT Vs. Nalwa Sons Investments Ltd., thus supporting the deletion of the penalty under section 271(1)(c) for the respective assessment years. 8. Consequently, the appeals of the Revenue were dismissed, and the order was pronounced on 18/05/2023.
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