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2016 (1) TMI 721 - AT - Income TaxPenalty under section 271(1)(c) - adjustments to book profit by AO u/s 115JB - Held that:- The legal position is fairly well settled that when assessment was made on income computed under section 115JB and tax has been paid on income so computed, penalty under section 271(1)(c) cannot be imposed with reference to the additions that would have been made taking into account concealment made by the assessee while making assessment under normal procedure. SEE Commissioner of Income-tax Versus Nalwa Sons Investment Ltd. [2012 (5) TMI 150 - SUPREME COURT OF INDIA ] - Decided in favour of assessee.
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