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of <h1>Appeal success: Penalty under section 271(1)(c) deleted for foreign bank.</h1> <h3>M/s. Commerzbank AG Versus The Deputy Director of Income-tax (International Taxation) -1 (2)</h3> The appeal was allowed, and the penalty under section 271(1)(c) was deleted. The Tribunal ruled that the MAT provisions under section 115JB could not be ... - Appeal against imposition of penalty under section 271(1)(c) for AY 2007-08 where assessment u/s 143(3) applied MAT provisions u/s 115JB, computing tax payable at Rs.1,37,60,481. Assessee, a foreign bank, had declared nil income and claimed refund; no appeal was filed against the quantum assessment. Penalty was predicated solely on the difference between income offered and income assessed under s.115JB. Reliance placed on tribunal precedents holding that 'the provisions of section 115JB cannot be applied to the assessee foreign bank.' Decisions in Krung Thai Bank PCL v. Jt. Director of Income Tax and Indian Bank v. Addl. CIT were applied to conclude that s.115JB is not applicable to foreign banks. Since assessment under s.115JB was invalid on these grounds, imposition and confirmation of penalty u/s 271(1)(c) could not be sustained. Penalty deleted and appeal allowed.
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