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2021 (4) TMI 171 - ITAT DELHIPenalty u/s. 271(1) - Assessment was completed by making disallowance of depreciation claimed on rented property - tax payable under the provisions of MAT different from tax computed on the assessed income - HELD THAT:- A perusal of the computation of taxable income as per provisions of section 115JB of the Act show that tax payable comes to ₹ 16,18,097/- under the provisions of MAT whereas tax computed on the assessed income comes to ₹ 15,53,355/-, which means that the appellant has paid taxes as per the provisions of section 115JB of the Act. As per the CBDT Circular No. 25/2015 dated 31.12.2015, no penalty can be levied on an income which has been computed u/s. 115JB of the Act and penalty has been levied on the additions/disallowances made under normal provisions of the Act. Thus as per CIRCULAR No. 25/2015 we direct the Assessing Officer to delete the penalty levied u/s. 271(1)(c) of the Act. - Decided in favour of assessee.
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