https://www.taxtmi.com/caselaws?id=212823 The court dismissed the Revenue's appeals against the Central Warehousing Corporation for assessment years 2003-04 and 2004-05. The court held that penalty imposition under Section 271(1)(c) of the Income Tax Act was not justified when additions were made under normal provisions but taxable income was assessed under Section 115JB without enhancing book profits. The court relied on a previous decision to conclude that concealment under normal provisions becomes irrelevant when tax is paid on the income assessed under Section 115JB, leading to the dismissal of the appeal without costs. en-us Wed, 18 Apr 2012 00:00:00 +0530 Wed, 25 Apr 2012 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212823 The court dismissed the Revenue's appeals against the Central Warehousing Corporation for assessment years 2003-04 and 2004-05. The court held that penalty imposition under Section 271(1)(c) of the Income Tax Act was not justified when additions were made under normal provisions but taxable income was assessed under Section 115JB without enhancing book profits. The court relied on a previous decision to conclude that concealment under normal provisions becomes irrelevant when tax is paid on the income assessed under Section 115JB, leading to the dismissal of the appeal without costs. Case-Laws Income Tax Wed, 18 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212823