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2014 (6) TMI 81 - HC - Income TaxPenalty as per clause (a) of Explanation 4 to section 271(1)(c) of the Act - Quantum additions confirmed – Inaccurate particluars furnished – MAT u/s 115JB of the Act paid - Held that:- Following Commissioner of Income Tax Versus M/s. Nalwa Sons Investments Ltd. [2010 (8) TMI 40 - DELHI HIGH COURT] – the tax paid by the assessee before and after additions would remain exactly the same - since the Commissioner did not permit any increase in the assessee's book profit computation u/s 115JB of the Act, even after unearthing the concealed income, the assessee ended up paying the same amount of minimum alternative tax u/s 115JB of the Act even after the concealments were unearthed and accepted by the assessee - the assessee's tax liability did not change despite unearthing of concealed income, no penalty could have been levied - before and after the additions the assessee remained a MAT company and paid tax under section 115JB of the Act or such similar provision, that by itself would mean that no penalty could be imposed - If the effect of the addition of the concealed income results into higher minimum alternative tax by increasing the book profit also, penalty could as well be imposed – Decided against Revenue.
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