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TMI Blog2013 (9) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... procedure was, however, not acted upon. On the contrary, it is the deemed income assessed u/s 115JB which has become the basis of assessment as it was higher of the two. Tax is thus paid on the income assessed u/s 115JB. Hence, when the computation was made u/s 115JB, the concealment had no role to play and was totally irrelevant. Therefore, the concealment did not lead to tax evasion at all. In the instant case, in respect of MAT companies, which are assessed under Section 115-JB, where the furnishing of inaccurate particulars does not result into any evasion of tax – Decided against the Revenue. - Income Tax Appeal No. - 217 of 2013 - - - Dated:- 4-9-2013 - Hon'ble Sunil Ambwani And Hon'ble Surya Prakash Kesarwani,JJ. For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2008-09 on 5.9.2008 declaring income of Rs.72,48,440/- and book profit under Section 115JB of Rs.6,88,43,429/-. The case was processed under Section 143 (1) and thereafter return was selected under scrutiny with the approval of CCIT, Ghaziabad. The assessment under Section 143 (3) was completed vide order dated 29.12.2010 on an income of Rs.1,38,10,815/- against the returned income of Rs.72,48,440/- making addition of Rs.65,59,330/- on account of CDM expenses income and simultaneously penalty proceedings under Section 271 (1) (c) were initiated. In the penalty proceedings the A.O. was satisfied that the assessee had furnished inaccurate particulars of the income to the extent of Rs.65,62,375/- and is thus liable to pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as discussed above and also the provisions of section 271 (1) (c) I am convinced that the AO was right in holding that the assessee had furnished inaccurate particulars of its income in respect of CDM income to the extent of Rs.65,62,375/- and imposing a penalty of Rs.22,31,000/- u/s 271 (1) (c) of the Act. In the result the appeal is dismissed." The ITAT found that the case is squarely covered by the judgment of Delhi High Court in CIT v. Nalwa Sons Investment Ltd., (2010) 327 ITR 543. An SLP was filed by the Commissioner of Income Tax against the judgment, which was dismissed by the Supreme Court on 4th May, 2012. The judgment dated 4th May, 2012 dismissing the appeal against the judgment of the Delhi High Court is reported in (2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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