TMI Blog2015 (4) TMI 1048X X X X Extracts X X X X X X X X Extracts X X X X ..... lwa Sons Investments Ltd. [2010 (8) TMI 40 - DELHI HIGH COURT ] has been pleased to hold that where the income computed in accordance with the normal procedure is less than the income determined by legal fiction, namely, the book profits under sec. 115JB of the Act and the income of the assessee is assessed under sec. 115JB of the Act and not under the normal provisions, the tax is paid on the inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : JUDICIAL MEMBER The Revenue has questioned first appellate order whereby the Learned CIT(Appeals) has deleted the penalty levied under sec. 271(1)(c) of the Income-tax Act, 1961 at ₹ 15,03,986. At the outset of hearing, the Learned AR pointed out that the issue raised in the present case is fully covered by the decision of Hon'ble jurisdictional Delhi High Court in the case of CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... repared by the assessee company in accordance with the provisions of Companies Act, 1956 read with accounting standards prescribed by the ICAI and were also audited under the Companies Act as well as tax audit was conducted under the Income-tax Act, 1961. He submitted that in the profit and loss account prepared by the assessee company in schedule XIV, it had clearly and unambiguously separately d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under sec. 115JB of the Act and the income of the assessee is assessed under sec. 115JB of the Act and not under the normal provisions, the tax is paid on the income assessed under sec. 115JB of the Act, concealment of income would have no role to play and would not lead to tax evasion, therefore, penalty cannot be imposed on the basis of the disallowances or additions made under the regular prov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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