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2015 (2) TMI 448 - AT - Income TaxPenalty u/s 271(1)(c) - inaccurate particulars of income - CIT(A) deleted the levy - Held that:-Income of the assessee was finally assessed u/s 115JB of the Act and not under the normal provision of the Act. The addition made by the AO in the order were confirmed to the income determined under the normal provision of the Act and not in respect of the Books profits u/s 115JB of the Act. It is not the case of the Revenue that the assessee has concealed any particulars or furnished any inaccurate particulars while computing the book profit u/s 115JB. In such circumstances the ratio of Hon’ble Delhi High court in Nalwasons (2010 (8) TMI 40 - DELHI HIGH COURT) has been rightly relied upon by the ld CIT(A) and therefore no penalty is leviable. Moreover, it has been brought to our notice that the quantum appeal preferred by the Department against the assessee for the relevant assessment year has been dismissed and the appeal of the assessee has been allowed by the Tribunal vide order dated 14.3.2014. Therefore, in such circumstances we are inclined not to interfere in the order of the ld. CIT(A) and we confirm the same and dismiss the appeal of the revenue. - Decided in favour of assessee.
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