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2018 (4) TMI 191 - HC - Income TaxPenalty u/s 271(1)(c) - individual disallowances especially when it is being taxed under Section 115JB of the Act - The matter is no longer res-integra. The question regarding levy of penalty under Section 271(1)(c) of the Act where tax was paid on the basis of book profits determined under Section 115JB of the Act was decided by this Court in M/s Vardhman Acrylics Limited’s case (2014 (8) TMI 1144 - PUNJAB & HARYANA HIGH COURT) holding that no penalty under Section 271(1)(c) of the Act was leviable on any amount of expenses claimed by the assessee - Decided against revenue.
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