https://www.taxtmi.com/caselaws?id=327633 The Tribunal allowed the appeal of the assessee and set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The penalty was deleted based on legal precedents and a CBDT circular, as the disallowances leading to the penalty were unrelated to the income determined under section 115JB. The Tribunal concluded that if the tax payable on total income under normal provisions is less than the tax on book profit under section 115JB, the penalty under section 271(1)(c) is not applicable for additions/disallowances made under normal provisions. en-us Thu, 07 Jan 2016 00:00:00 +0530 Mon, 16 May 2016 09:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327633 The Tribunal allowed the appeal of the assessee and set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The penalty was deleted based on legal precedents and a CBDT circular, as the disallowances leading to the penalty were unrelated to the income determined under section 115JB. The Tribunal concluded that if the tax payable on total income under normal provisions is less than the tax on book profit under section 115JB, the penalty under section 271(1)(c) is not applicable for additions/disallowances made under normal provisions. Case-Laws Income Tax Thu, 07 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327633