Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (10) TMI 881 - HC - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act, when assessee was assessed and had paid tax under MAT provisions – Held that:- Reliance has been placed upon the decision of the Delhi High Court in Commissioner of Income Tax versus Nalwa Sons Investments Limited, [2010 (8) TMI 40 - DELHI HIGH COURT] wherein it has been held that when taxable income is computed on book profits under Section 115JB and not under the normal provisions, Explanation (4) has to be accordingly applied. In view of the said Explanation, the additions made by the Assessing Officer under the normal provisions are totally irrelevant - Thus, there cannot be imposition of penalty under Section 271(1)(c) of the Act for addition made under the normal provisions – Decided in favor of Assessee.
|