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2014 (8) TMI 1144 - PUNJAB & HARYANA HIGH COURTPenalty under section 271(1) (c) - furnishing inaccurate particulars for treating the sales tax subsidy/exemption as capital receipt instead of revenue receipt - tax was paid on the basis of book profits determined under Section 115JB - Held that:- The issue relating to levy of penalty under Section 271(1)(c) where tax was paid on the basis of book profits determined under Section 115JB of the Act was considered by the Delhi High Court in CIT vs. Nalwa Sons Investments Limited, (2010) 327 ITR 543. It was held that where the book profits were determined under section 115JB of the Act any amount of expenses claimed would not render the assessee liable to penalty under section 271(1) (c) of the Act on account of false claim of expenses. - Decided in favour of assessee.
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