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Penalty u/s 271 (1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act 1961 but tax levied under MAT provisions u/s 115JB/115JC for cases prior to A.Y. 2016-17

Penalty u/s 271 (1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17 - Income Tax - 25/2015 - Dated:- 31-12-2015 - CIRCULAR NO. 25/2015 F. No. 279/Misc./140/2015/ITJ Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, 31st December, 2015 Subject: Penalty u/s 271 (1)(c) wherein additions/disallowances made under normal provisions of the Incom .....

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ned inter-alia, as the difference between the tax due on the income assessed and the tax which would have been chargeable had such total income been reduced by the amount of concealed income or income in respect of which inaccurate particulars had been filed. 3. In this context, Hon'ble Delhi High Court in its judgment dated 26.8.2010 in ITA No-1420 of 2009 in the case of Nalwa Sons investment Ltd. (available in NJRS as 2010-LL,-0826-2), held that when the tax payable on income computed unde .....

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