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Assistant Commissioner of Income Tax, Circle 13 (1) , New Delhi. Versus M/s. Ortel Communication Ltd.,

2015 (4) TMI 1048 - ITAT DELHI

Penalty levied under sec. 271(1)(c) - income computed in accordance with the normal procedure is less than the income determined under sec. 115JB - CIT(A) deleted the penalty - Held that:- Hon'ble jurisdictional Delhi High Court in the case of CIT vs .....

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c. 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 w .....

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nalty levied on the basis of assessment framed under normal provisions keeping in mind that income computed in accordance with the normal procedure is less than the income determined under sec. 115JB of the Act - Decided in favour of assessee - ITA N .....

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r 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 b .....

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igh Court was pleased to hold that penalty under sec. 271(1)(c) cannot be levied on the assessment made under sec. 115JB of the Income-tax Act, 1961. 2. The Learned DR on the other hand placed reliance on the penalty order with this contention that t .....

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170. 3. In rejoinder, the Learned AR submitted that there is no dispute that books of account and financial statements were prepared by the assessee company in accordance with the provisions of Companies Act, 1956 read with accounting standards presc .....

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nambiguously separately disclosed fixed assets written off ₹ 44,68,170 predominantly established that there was neither any intention to conceal the income nor any concealment or inaccurate particulars of income were furnished. Thus it is not a .....

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e jurisdictional Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd. (supra), we find that in that case the Hon'ble High Court has been pleased to hold that where the income computed in accordance with the normal procedure is less .....

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