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2014 (4) TMI 207 - ITAT DELHIPenalty u/s 271(1)(c) - income computed u/s 115JB of the Act was higher than the assessed income - furnishing of inaccurate particulars of income – Held that:- penalty u/s 271(1)(c) is leviable only if higher income was assessed under the normal provisions after making any additions in the assessment order - penalty u/s 271(1)(c) is leviable only if higher income was assessed under the normal provisions after making any additions in the assessment order - CIT (A), it is seen, while deleting the penalty, has followed the decision in 'CIT vs. Nalwasons Investments Ltd. [2010 (8) TMI 40 - DELHI HIGH COURT]. Therein, it has been held that no penalty u/s 271(1)(c) of the Act can be levied when the income u/s 115JB of the Act is higher than the assessed income. well reasoned order passed by the Ld. CIT (A) following 'Nalwasons Investments Ltd.' (supra), is hereby upheld- Decided against Revenue. Evasion of Tax - Provisions of Section 115JB (5) of Act – Held that:- no evasion of tax in this case as tax was paid on basis of 115JB calculations as returned by appellant at a total income of Rs.99,74,805/- - While assessment was completed on an income of Rs.7,65,780/- as per normal provisions which is lower than income declared u/s 115JB. Since there is no evasion of tax, penalty levied for furnishing inaccurate particulars of income is not sustainable – Rightly found by the Ld. CIT (A), the income of the assessee u/s 115JB of the Act was of Rs. 99,74,805/-.
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