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2019 (4) TMI 1616 - ITAT MUMBAIPenalty u/s 271(1) (c) - additions/ disallowances made under normal provisions of the Act, if ultimately the tax liability is determined u/s 115JB - HELD THAT:- CBDT vide Circular No. 25/2015 dated 31.12.2015 is unambiguous and categorical that no penalty u/s 271(1)(c ) of the Act could be levied in respect of additions/ disallowances made under normal provisions of the Act, if ultimately the tax liability is determined u/s 115JB of the Act by the AO. It is not in dispute that the assessee is liable to tax only u/s 115JB of the Act even after the completion of assessment u/s 143(3) of the Act for the year under consideration. Hence respectfully following the aforesaid circular, we hold that no penalty u/s 271(1)( c) of the Act could be made in the facts of the instant case in the hands of the assessee. Since relief is granted to the assessee on this ground, the arguments advanced by the AR on merits of the addition / disallowance need not be gone into and we refrain to give our opinion on the same. - Decided in favour of assessee.
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