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2016 (5) TMI 636 - AT - Income TaxPenalty u/s 271(1)(c) - tax on total assessed income was lesser than the tax paid by the assessee on the basis of book profit u/s 115JB - Held that:- Assessee squarely falls within the four corners of the CBDT Circular No.25/2015 [F.NO.279/MISC./140/2015/ITJ] which clearly says that where the income tax payable on the total income as computed under the normal provisions of the Act is less than the tax payable on the book profits u/s 115JB of the Act, then penalty under section 271(1)(c) of the Act, is not attracted with reference to additions /disallowances made under normal provisions and same is the case of assessee and, therefore, assessee should not have been visited with penalty u/s 271(1)(c) of the Act - Decided in favour of assessee
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