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2013 (9) TMI 751 - HC - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act – Calculations of income u/ s115JB - Minimum Alternate Tax (MAT) – Held that:- Reliance has been placed upon the judgment of Delhi High Court in CIT v. Nalwa Sons Investment Ltd., [2010 (8) TMI 40 - DELHI HIGH COURT], which has also been affirmed by the Hon’ble Supreme Court of India – Delhi High Court in the above case has held that income of the assessee was assessed under Section 115-JB and not under normal provision - No doubt, there was concealment but that had its repercussions only when the assessment was done under the normal procedure. The assessment as per the normal procedure was, however, not acted upon. On the contrary, it is the deemed income assessed u/s 115JB which has become the basis of assessment as it was higher of the two. Tax is thus paid on the income assessed u/s 115JB. Hence, when the computation was made u/s 115JB, the concealment had no role to play and was totally irrelevant. Therefore, the concealment did not lead to tax evasion at all. In the instant case, in respect of MAT companies, which are assessed under Section 115-JB, where the furnishing of inaccurate particulars does not result into any evasion of tax – Decided against the Revenue.
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