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TMI Blog2019 (7) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee and against the revenue by the decision of the Hon'ble High Court of Delhi in the case of Nalwa Sons Investment Ltd [ 2010 (8) TMI 40 - DELHI HIGH COURT] - appeal of the assessee is allowed - ITA No. 1760/DEL/2017 - - - Dated:- 4-7-2019 - Shri N.K. Billaiya, Accountant Member, And Ms. Suchitra Kamble, Judicial Member For the Assessee : None For the Revenue : Ms. Rinku Singh, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: This appeal by the assessee is preferred against the order of the ld. CIT(A) 27, New Delhi dated 30.01.2017 pertaining to A.Y 2008-09 . 2. The sum and substance of the grievance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 188367698 190092354 1342441630 Add: Disallowance u/s 14A (as discussed above) 10607464 Disallowance u/s. 2(24)(x) 595170 Claim of depreciation on fixed assets 28005497 Excess claim of deduction of u/s. 80 IB 1939572 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Prior period expense 218273 718455 1193851793 Less: Deferred tax assets 41654336 Income from partnership firm 2112364 43767200 1150084590 Add: Disallowance u/s 14A (as discussed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of the Act. The Assessing Officer has made certain additions while computing the book profit u/s 115JB of the Act. Thus, it can be seen that the assessment is ultimately framed u/s 115JB of the Act whereas the penalty has been levied on the additions made for computing the income u/s 143(3) of the Act. This issue is now well settled in favour of the assessee and against the revenue by the decision of the Hon'ble High Court of Delhi in the case of Nalwa Sons Investment Ltd 327 ITR 543. 8. The facts of the case in hand are also clearly covered in favour of the assessee and against the Revenue by the following Circular of the CBDT: CIRCULAR NO. 25/2015 F.No.279/Misc./140/2015/IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with reference to additions /disallowances made under normal provisions. The judgment has attained finality. 4. Subsequently, the provisions of Explanation 4 to sub-section (1) of section 271 of the Act have been substituted by Finance Act, 2015, which provide for the method of calculating the amount of tax sought to be evaded for situations even where the income determined under the general provisions is less than the income declared for the purpose of MAT u/s 115JB of the Act. The substituted Explanation 4 is applicable prospectively w.e.f. 01.04.2016. 5. Accordingly, in view of the Delhi High Court judgment and substitution of Explanation 4 of section 271 of the Act with prospective effect, it is now a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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