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2015 (4) TMI 1048 - ITAT DELHI

2015 (4) TMI 1048 - ITAT DELHI - TMI - 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. Nalwa 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 fic .....

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present case has rightly deleted the penalty 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 No. 5364/Del/2013 - Dated:- 16-4-2015 - SHRI N.K. SAINI AND SHRI I.C. SUDHIR For the Appellant: Shri Manoj Gupta,F CA For the Respondent: Shri P. Damkanjuna, Sr. DR ORDER PER I.C. SUDHIR: JUDICIAL MEMBER The Reve .....

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ss than book profits, the Hon'ble High 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 there was concealment of particulars of income and furnishing inaccurate particulars thereof on the part of the assessee and thus the Assessing Officer was justified in imposing penalty on the disallowance of fix .....

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