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2015 (5) TMI 513 - ITAT MUMBAIPenalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - Held that:- During the original assessment proceedings, obviously the appellant had furnished wrong particulars of its income in terms of profits u/s 115JB of the Act. Even during the course of reassessment proceedings, the appellant did not explain/clarify such facts and figures, as nobody attended on behalf of the appellant. Similarly, during the penalty proceedings also, nobody attended, on behalf of the appellant and any explanations/ clarifications were not submitted. During the appellate proceedings also, the appellant has not furnished complete facts and figures. Hence, it cannot be' concluded that the appellant had filed complete particulars' of its income during the original assessment proceedings, from which the appellant's correct income could have been computed. Neither any explanations/ clarifications were furnished during the reassessment proceedings. It is only on account of the reopening of the assessment that correct income of the appellant has been assessed. Thus the computation of book profit under section 115JB on the part of the appellant was inaccurate. The he case of the appellant is fully covered by clause (A) of the above Explanation-1 to section 271 (1)(c) - Decided against assessee.
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