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2019 (7) TMI 297 - AT - Income TaxPenalty u/s 271(1)(c) - tax payable as per book profit u/s 115JB - penalty levied in respect of addition under normal provision of Act - HELD THAT:- No penalty is leviable when income is assessed under the provisions of section 115JB of the Act and penalty is levied on the additions made under normal provisions of the Act. AO has made certain additions while computing the book profit u/s 115JB of the Act. Thus, it can be seen that the assessment is ultimately framed u/s 115JB of the Act whereas the penalty has been levied on the additions made for computing the income u/s 143(3) of the Act. This issue is now well settled in favour of the assessee and against the revenue by the decision of the Hon'ble High Court of Delhi in the case of Nalwa Sons Investment Ltd [2010 (8) TMI 40 - DELHI HIGH COURT] - appeal of the assessee is allowed
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