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TMI Blog2019 (8) TMI 449X X X X Extracts X X X X X X X X Extracts X X X X ..... e decision in the case of Nalwa Sons Investment Ltd [ 2010 (8) TMI 40 - DELHI HIGH COURT] we do not find any merit in the levy of penalty. We, accordingly, direct the AO to delete the penalty. The ground raised by the assessee is allowed. - ITA No. 2282/DEL/2019 - - - Dated:- 5-8-2019 - Shri N.K. Billaiya, Accountant Member, And Shri Sudhanshu Srivastava, Judicial Member For the Assessee : Shri S. Krishnan, Adv For the Revenue : Shri N.K. Bansal, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 8, New Delhi dated 24.01.2019 pertaining to as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of Nalwa Sons Investment Limited [supra] does not apply where the deeming fiction of section 115JB of the Act gets attracted. The CIT(A) also observed that as per the CBDT Circular, the substituted Explanation 4 is applicable w.e.f 01.04.2016 and not from A.Y 2016-17 and since penalty order is dated 30.03.2017, the said Circular is not applicable. 7. Before us, the ld. Counsel for the assessee vehemently stated that the CIT(A) has neither appreciated the judgment of the Hon'ble Delhi High Court in the case of Nalwa Sons Investment Ltd [supra] nor has appreciated the CBDT Circular. It is the say of the ld. AR that the issue involved under consideration is squarely covered in favour of the assessee and against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Finance Act 2000 with effect from 1-4-2001. 2. Under clause (iii) of sub-section (1) of section 271 of the Act, penalty for concealment of income or furnishing inaccurate particulars of income is determined based on the amount of tax sought to be evaded which has been defined inter-alia, as the difference between the tax due on the income assessed and the tax which would have been chargeable had such total income been reduced by the amount of concealed income or income in respect of which inaccurate particulars had been filed. 3. In this context, Hon ble Delhi High Court in its judgment dated 26.8.2010 in ITA No.1420 of 2009 in the case of Nalwa Sons Investment Ltd. (available in NJRS as 2010- LL-0826-2), he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depend on the nature of adjustment. 6. The above settled position is to be followed in respect of section 115JC of the Act also. 7. Accordingly, the Board hereby directs that no appeals may henceforth be filed on this ground and appeals already filed, if any, on this issue before various Courts/Tribunals may be withdrawn/not pressed upon. This may be brought to the notice of all concerned. (Ramanjit Kaur Sethi) DCIT(OSD) (ITJ), CBDT, New Delhi 10. In the light of the aforementioned Circular of the Board and the decision of the Hon'ble High Court of Delhi in the case of Nalwa Sons Investment Ltd [supra], we do not find any merit in the levy of penalty. We, accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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