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2014 (1) TMI 644 - AT - Income TaxPenalty u/s 271(1)(c) - The computation was made u/s. 115JB and tax was payable - Held that:- Following M/s. Ruchi Strips & Alloys Ltd vs. DCIT [2011 (1) TMI 171 - ITAT MUMBAI] - No penalty could have been imposed on the assessee because there was no tax sought to be evaded because the addition in respect of which penalty was imposed was made while computing total income under the normal provisions of the Act and ultimately the total income of the Assessee was determined on the basis of book profits u/s.115JB – The said concealment has no effect on evasion of tax - Decided in favour of assessee.
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