Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 2714 - ITAT CHANDIGARHPenalty u/s 271(1)(c) - tax was levied under the provisions of MAT under section 115JB on assessee - Held that:- As decided in the case of CIT Vs. M/s Vardhman Acrylics Limited [2014 (8) TMI 1144 - PUNJAB & HARYANA HIGH COURT] the assessment having been made under the provisions of MAT under section 115JB of the Act, penalty under section 271(1)(c) of the Act cannot be levied on additions and disallowances made in regular income. Since there were brought forward losses and depreciation, the return was filed declaring the income under the MAT and even after appeal effect, the income assessed under section 115JB of the Act, we find that the assessee being assessed under section 115JB of the Act, the penalty under section 271(1)(c) of the Act cannot be levied. - Decided in favour of assessee
|