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2013 (10) TMI 1068 - AT - Income TaxPenalty u/s 271(1)(c) - Recasting of deduction u/s 80IB - Held that:- The AO in the assessment made u/s 144/147 of the Act on 31.2.2009 reduced the claim u/s 80IB of the Act by Rs.233,67,497/- and thereafter levied penalty u/s 271(1)(c) of the Act on the assessee for furnishing of inaccurate particulars of income being 100% of the tax sought to be evaded amounting to Rs.85,50,751/- which was deleted by the ld.CIT(A) on appeal filed by the assessee. The ld. CIT(A) observed that deduction u/s 80IB of the Act was claimed by the assessee because the return of income for A.Yr.2005-06 was filed by the assesee in 2005. The deduction u/s 80IB of the Act was claimed by the assessee on the basis of relief granted to the assessee in A.Yr.2004-05 by the ld. CIT(A) - where the income computed in accordance with the normal procedure is less than the income determined by local fiction, namely, the book profits u/s 115JB of the Act and the income of the assessee is assessed u/s 115JB of the Act and not under the normal provision, the tax is paid on the income assessed u/s 115JB of the Act. Concealment of income would have no role to play and would not lead to tax evasion therefore, penalty cannot be imposed on the basis of the disallowance or additions made under regular provision - Following decision of CIT vs Nalwa Sons Investment Limited [2010 (8) TMI 40 - DELHI HIGH COURT] - Decided against Revenue.
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