https://www.taxtmi.com/caselaws?id=238326 The Tribunal allowed all three appeals of the assessee, cancelling the penalty under Section 271(1)(c) for non-disclosure of book profit chargeable to tax under Section 115JB, citing it as inadvertent error not warranting penalty. Additionally, the reassessment proceedings initiated under Section 147 read with Section 148 were deemed invalid due to the exclusive jurisdiction of the Settlement Commission over the relevant assessment year, leading to the quashing of orders passed by the Assessing Officer. en-us Fri, 11 Oct 2013 00:00:00 +0530 Mon, 21 Oct 2013 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238326 The Tribunal allowed all three appeals of the assessee, cancelling the penalty under Section 271(1)(c) for non-disclosure of book profit chargeable to tax under Section 115JB, citing it as inadvertent error not warranting penalty. Additionally, the reassessment proceedings initiated under Section 147 read with Section 148 were deemed invalid due to the exclusive jurisdiction of the Settlement Commission over the relevant assessment year, leading to the quashing of orders passed by the Assessing Officer. Case-Laws Income Tax Fri, 11 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238326