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TMI Blog2015 (10) TMI 2714X X X X Extracts X X X X X X X X Extracts X X X X ..... y he has given partial relief to the assessee. 3. Briefly, the facs of the case are that the penalty under section 271(1)(c) of the Act was levied by the Assessing Officer on the following additions and disallowances made by the Assessing Officer in proceedings under section 143(3) of the Act : (i) Addition under section 40(a)(ia) Rs.1,22,35,474/- (ii) Payment through credit card Rs.11,13,777/- (iii) Wrong claim of depreciation and corresponding interest on loan Rs. 5,10,625/- (iv) Wrong claim of depreciation on plant & machinery and corresponding interest on loan Rs. 5,50,349/- (v) Wrong claim of depreciation on furniture and corresponding interest on loan. Rs. 43,102/- (vi) Addition under section 40A(3) Rs. 62,852/- (v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Court in the case of CIT Vs. Nalwa Sons Investments Limited (2010) 37 ITR 543 (Del). 7. The learned D.R. could not controvert the said submissions made by the learned CIT (Appeals). 8. We have heard the learned representatives of both the parties, perused the findings of the authorities below and considered the material available on record. From the documents filed by the learned counsel for the assessee we see that the assessee had gone in appeal till the stage of I.T.A.T. against the quantum order of the relevant assessment year, which was decided by the Chandigarh Bench of the I.T.A.T. on 24.7.2014 in ITA No.409 of 2010. Even the appeal effect order placed on record giving effect to the order of the I.T.A.T. shows that the regular i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, the tax is paid on the income assessed under section 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 disallowance or additions made under the regular provisions." 5. In view of the above, we find that the assessee being assessed under section 155JB of the Act, the penalty under section 271(1)(c) of the Act cannot be levied. In view of this, the total penalty levied by the Assessing Officer under section 271(1)(c) of the Act is hereby deleted. 6. In the result, the appeal of the assessee in ITA No.1242/Chd/2012 is allowed and the appeal of the Revenue in ITA No.30/Chd/2013 is dismissed. Order pronounced in the open court on this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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