https://www.taxtmi.com/caselaws?id=191038 The Tribunal upheld the decision of the ld. CIT(Appeals) to cancel the penalty imposed by the Assessing Officer under section 271(1)(c) based on the application of the Hon'ble Delhi High Court's ruling in the case of Nalwa Sons Investments Limited. The Tribunal found that since the ultimate tax liability was determined based on book profit under section 115JB, concealment penalty could not be imposed. As there were no conflicting decisions from higher courts, the Revenue's appeal was dismissed. en-us Tue, 19 Apr 2016 00:00:00 +0530 Sat, 18 Mar 2017 11:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191038 The Tribunal upheld the decision of the ld. CIT(Appeals) to cancel the penalty imposed by the Assessing Officer under section 271(1)(c) based on the application of the Hon'ble Delhi High Court's ruling in the case of Nalwa Sons Investments Limited. The Tribunal found that since the ultimate tax liability was determined based on book profit under section 115JB, concealment penalty could not be imposed. As there were no conflicting decisions from higher courts, the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 19 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191038