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TMI Blog2016 (4) TMI 1200X X X X Extracts X X X X X X X X Extracts X X X X ..... liability of the assessee is determined on the basis of book profit under section 115JB. The ratio of this decision in the case of Nalwa Sons Investments Limited thus is squarely applicable to the facts involved in the case of the assessee and we find no infirmity in the impugned order of the ld. CIT(Appeals) cancelling the penalty imposed by the Assessing Officer under section 271(1)(c) - Decided in favour of assessee - I.T.A. No. 2220/KOL/2013 - - - Dated:- 19-4-2016 - P. M. Jagtap (Accountant Member) And N. V. Vasudevan (Judicial Member) For the Department : Niloy Baran Som, JCIT, Sr. D.R. For the Assessee : K. K. Chhaparia, FCA ORDER P. M. Jagtap (Accountant Member) This appeal is preferred by the Revenue agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability and there was no case for imposition of penalty under section 271(1)(c). In support of this contention, reliance was placed by the assessee on the decision of the Hon ble Delhi High Court in the case of CIT vs.- Nalwa Sons Investments Limited reported in 327 ITR 543, wherein it was held that although concealment was detected in the computation of tax as per the normal provisions of the Act, concealment penalty could not be imposed since ultimate tax liability was determined on the basis of MAT under section 115JB. The Assessing Officer did not find merit in the contention of the assessee. According to him, a fresh assessment under section 153A read with section 143(3) was made in the case of the assessee as a result of search for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments Limited (supra). Aggrieved by the order of the ld. CIT(Appeals), the Revenue has preferred this appeal before the Tribunal. 4. We have heard the arguments of both the sides and also perused the relevant material available on record. As submitted on behalf of the assessee before the ld. CIT(Appeals) and reiterated before us, the income of the assessee for the year under consideration has finally been assessed on the basis of book profit under section 115JB and the ld. D.R. has not disputed this position. In the case of Nalwa Sons Investments Limited (supra) relied upon by the assessee, Hon ble Delhi High Court has held that even though concealment is detected in the computation of income as per the normal provisions of the Act, conc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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