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2016 (4) TMI 1200 - AT - Income TaxPenalty under section 271(1)(c) - tax liability of the assessee determined on the basis of book profit under section 115JB - Held that:- The income of the assessee for the year under consideration has finally been assessed on the basis of book profit under section 115JB and the ld. D.R. has not disputed this position. In the case of Nalwa Sons Investments Limited (2010 (8) TMI 40 - DELHI HIGH COURT ) relied upon by the assessee held that even though concealment is detected in the computation of income as per the normal provisions of the Act, concealment penalty cannot be imposed when the ultimate tax liability of the assessee is determined on the basis of book profit under section 115JB. The ratio of this decision in the case of Nalwa Sons Investments Limited thus is squarely applicable to the facts involved in the case of the assessee and we find no infirmity in the impugned order of the ld. CIT(Appeals) cancelling the penalty imposed by the Assessing Officer under section 271(1)(c) - Decided in favour of assessee
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