Law and Practice : Digital eBook
Research is most exciting & rewarding
Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (3) TMI AT This
Forgot password New User/ Regiser
2023 (3) TMI 667 - AT - Income Tax
Penalty u/s 271(1)(c) - assessee was subjected to pay taxes u/s. 115JB - Levy of penalty deleted by CIT(A) - HELD THAT:- CBDT vide circular dated 31.12.2015 has held that where the Income Tax is payable on the basis of book profit u/s.115JB of the Act, then penalty u/s. 271(1)(c) is not attracted with reference to the additions disallowances made under normal provisions
The issue in the present ground is with respect to th. We find that the CIT(A) after considering the submissions of the assessee has given a finding that assessee was subjected to pay taxes u/s. 115JB of the Act, even after taking into consideration all the additions made by the AO in the assessment order. He thereafter by relying on the CBDT circular held that the penalty u/s. 271(1)(c) was not leviable. Before us Revenue has not pointed to any fallacy in the findings of CIT(A) nor has demonstrated that the reliance placed by CIT(A) on the CBDT circular (supra) is misplaced. In such a situation we find no reason to interfere with the order of CIT(A) and thus grounds of Revenue is dismissed.