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2021 (10) TMI 798 - HC - Income TaxRevision u/s 263 by CIT - respondent committed a default of not computing the book profit u/s 115JB - non furnishing of particulars of MAT calculation u/s 115JB in the return of income - ITAT deleted the penalty - HELD THAT:- The question of law as proposed states “for non furnishing of particulars of MAT calculation u/s 115JB in the return of income ”. The fact is the particulars have infact been furnished. Otherwise how could, in the order passed under Section 263 of the Act, the Commissioner of Income Tax state “ - After going through the above mentioned assessment order and the records of the assessee, it was observed that prima-facie the assessment order suffered, inter alia, from the following errors i.e., the total income was assessed under the normal provisions and the book profit of ₹ 14,44,95,320/- was not assessed as income under Section 115JB of the Income Tax Act, 1961”. If he has to assess the book profit of ₹ 14,44,95,320/-, certainly the particulars of MAT calculation must have been available before the concerned officer. In any event, if such particulars, which according to Mr. Suresh Kumar are mandatorily to be furnished by the assessee, which is a company, before the original assessment order was passed, the Assessing Officer would have certainly called for those particulars from the assessee. In any event, even assuming for a moment that such particulars were not furnished but only the return of income was filed showing the income tax payable on the total income as computed under the said Act, that cannot amount to concealment of particulars of income or furnish inaccurate particulars of income. Even the attempt, if any as alleged, to reduce tax liability by claiming wrong deduction cannot amount to concealing the particulars of income or furnishing inaccurate particulars of such income. Tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analysed and correct test is applied to decide the issue at hand - No substantial question of law.
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