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2013 (10) TMI 1391 - AT - Income TaxPenalty under section 271(1)(c) - MAT - computation of income was made under Section 115JB - Held that:- It is an undisputed fact that the Assessee was taxed under Section 115JB of the Act and not under the normal provisions of the Act as under the normal provisions of the Act, no tax was payable by the Assessee. It is also a fact that even after the additions of ₹ 46 lacs made in the quantum proceedings, tax was still payable on the basis of book profits. We find that the Hon. Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd.[2010 (8) TMI 40 - DELHI HIGH COURT] has concluded that when computation of income was made under Section 115JB and concealment if any did not lead to tax evasion at all and therefore penalty under section 271(1)(c) could not be imposed. - Decided in favour of assessee
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