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2019 (8) TMI 449 - ITAT DELHILevy of penalty u/s 271(1)(c) - assessment completed under normal provisions of the Act was subject to levy of tax on book profit u/s 115JB - HELD THAT:- There is also no dispute that the penalty proceedings have been initiated to levy penalty on the tax made under normal provisions of the Act. The dispute 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] which has been accepted by the CBDT vide its Circular No. 25/2015. In the light of Circular of the Board and the decision in the case of Nalwa Sons Investment Ltd [2010 (8) TMI 40 - DELHI HIGH COURT] we do not find any merit in the levy of penalty. We, accordingly, direct the AO to delete the penalty. The ground raised by the assessee is allowed.
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