TMI Blog2021 (4) TMI 171X X X X Extracts X X X X X X X X Extracts X X X X ..... income which has been computed u/s. 115JB of the Act and penalty has been levied on the additions/disallowances made under normal provisions of the Act. Thus as per CIRCULAR No. 25/2015 we direct the Assessing Officer to delete the penalty levied u/s. 271(1)(c) of the Act. - Decided in favour of assessee. - ITA No. 5617/DEL/2017 - - - Dated:- 25-3-2021 - N.K. Billaiya, Member (A) And Suchitra Kamble, Member (J) For the Appellant : Satyajeet Goel, CA For the Respondents : Mahesh Thakur, Sr. DR ORDER Per N.K. Billaiya, Accountant Member This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals]-35, New Delhi dated 28.06.2017 pertaining to Assessment Year 2013-14. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies, 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 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 [2010] 194 taxman 387 (Delhi) in the case of Nalwa Sons Investment Ltd. (avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1)(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be filed on this ground and appeals already filed, if any, on this issue before various Courts/Tribunals may be withdrawn/not pressed upon. This may be brought to the notice of all concerned. 6. In light of the aforementioned Circular, we direct the Assessing Officer to delete the penalty levied u/s. 271(1)(c) of the Act. 7. In the result, the appeal filed by the assessee in ITA No. 5617/DEL/2017 is allowed. The order is pronounced in the open court on 25.03.2021 in the presence of both the represen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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