Penalty for concealment of income under section 271(1) ( c )- not applicable in case tax payable is imposed by way of MAT – says the Supreme Court by dismissing appeal of revenue .

Penalty for concealment of income under section 271(1) ( c )- not applicable in case tax payable is imposed by way of MAT – says the Supreme Court by dismissing appeal of revenue . https://www.taxtmi.com/article/detailed?id=1735 Where tax is imposed by way of MAT under Section 115JB on deemed book profits, inaccuracies or concealment arising only in the normal income computation are irrelevant to tax liability and therefore do not sustain a penalty under Section 271(1)(c); Section 115JB functions as a self contained charging and computational code whose preconditions must be satisfied for any concealment penalty linked to tax outcomes. en-us Wed, 23 May 2012 11:02:22 +0530 Wed, 23 May 2012 15:28:10 +0530 TaxTMI RSS Generator Penalty for concealment of income under section 271(1) ( c )- not applicable in case tax payable is imposed by way of MAT – says the Supreme Court by dismissing appeal of revenue . https://www.taxtmi.com/article/detailed?id=1735 Where tax is imposed by way of MAT under Section 115JB on deemed book profits, inaccuracies or concealment arising only in the normal income computation are irrelevant to tax liability and therefore do not sustain a penalty under Section 271(1)(c); Section 115JB functions as a self contained charging and computational code whose preconditions must be satisfied for any concealment penalty linked to tax outcomes. Articles Income Tax Wed, 23 May 2012 11:02:22 +0530 https://www.taxtmi.com/article/detailed?id=1735