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2014 (1) TMI 173 - ITAT DELHIComputation of book profit u/s 115 JB – Reduction of book profits under Clause (iv) of Explanation I to S.115 JB for Deduction u/s 80HHC of the Act – Whether deduction u/s 80HHC was to be computed with reference to profits computed as per Companies Act or profits computed as per Income Tax Act – Held that:- Relying upon Ajanta Pharma Ltd. Vs. CIT [2010 (9) TMI 8 - SUPREME COURT] the judicial opinion got settled in favour of the assessee - Thereafter vide Finance Act 2011 the statute was amended with retrospective affect from 01/04/2005 - Thus the assessee has lost in the Quantum proceedings - Following CIT vs. Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - the First Appellate Authority was right in deleting penalty levied u/s. 271 (1)(c) for the reason that there is neither furnishing of inaccurate particulars of income nor concealment of income - The assessee has made an honest claim and all the facts relating to the claim were on record. Levy of penalty us. 271 (1)(c) - Disallowance on depreciation – Held that:- Following M/s. Bhushan Steel Ltd. (Formerly Bhushan Steel & Strips Ltd.) Versus Dy. Commissioner of Income tax[2010 (3) TMI 996 - ITAT DELHI] - the assessee could possibly claim the whole of the expenditure as revenue expenditure in assessment year 1999-2000 and the result would have been that the deductions now claimed over a number of years might have been allowed in that year - the conduct of the assessee was not such which could establish the charge of concealment of income or furnishing inaccurate particulars of income - CIT(Appeals) was not justified in sustaining the levy of penalty – Decided against Revenue.
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