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2019 (7) TMI 297

..... d under the provisions of section 115JB of the Act and penalty is levied on the additions made under normal provisions of the Act. AO has made certain additions while computing the book profit u/s 115JB of the Act. Thus, it can be seen that the assessment is ultimately framed u/s 115JB of the Act whereas the penalty has been levied on the additions made for computing the income u/s 143(3) of the Act. This issue is now well settled in favour of the assessee and against the revenue by the decision of the Hon'ble High Court of Delhi in the case of Nalwa Sons Investment Ltd [2010 (8) TMI 40 - DELHI HIGH COURT] - appeal of the assessee is allowed - ITA No. 1760/DEL/2017 - 4-7-2019 - Shri N.K. Billaiya, Accountant Member, And Ms. Suchitra Kam .....

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..... 64 127338103 1256639365 Less: Deduction u/s 80 IB ₹ 1299341344 1256639365 I . Total income 0 Computation of income u/s. 115JB of the Act Net profit as per profit & loss account 1193133338 Add: Provision for leave encashment 500182 Prior period expense 218273 718455 1193851793 Less: Deferred tax assets 41654336 Income from partnership firm 2112364 43767200 1150084590 Add: Disallowance u/s 14A (as discussed above) 10607464 Total book profit 11606,92054 Rounded off 1160®2G50 After discussion the total income of the assessee is computed at ? Nil u/s. 143(3) of the I T Act, 1961, however, the tax liability is computed at ₹ 116,06,92,050/- u/s. 115JB of I T Act. issue, necessary forms after allowing credit for prepaid taxes if .....

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..... DT: 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 2yi(i)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s H5JB/ii5JC,for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy of Minimum Alternate Tax on Companies, inserted by Finance Act 2000 with effect from 1-4-2001. 2. Under clause (iii) of sub-section (1) of section 271 of the Act, penalty for concealment of income or furnishing inaccurate particulars of income is determined based on the amount of tax sought to be evaded which has been defined in .....

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..... rovisions of the Act is less than the tax payable on the book profits u/s 115JB of the Act, then penalty under 27i(i)(c) of the Act, is not attracted with reference to additions /disallowances made under normal provisions. It is further clarified that in cases prior to 1.4.2016, if any adjustment is made in the income computed for the purpose of MAT, then the levy of penalty u/s 27i(i)(c) of the Act, will depend on the nature of adjustment. 6. The above settled position is to be followed in respect of section 115JC of the Act also. 7. Accordingly, the Board hereby directs that no appeals may henceforth be filed on this ground and appeals already filed, if any, on this issue before various Courts/Tribunals may be withdrawn/not pressed upon. .....

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