https://www.taxtmi.com/caselaws?id=274583 The High Court ruled in favor of the assessee, stating that penalty imposition under section 271(1)(c) was not justified when income is computed under section 115JB. The Court also upheld the cancellation of the penalty partially, following precedent and directing the cancellation. Additionally, the Court affirmed that the assessee was not liable for notional disallowance of depreciation under the block concept of assets due to amalgamation. Regarding excess depreciation provided in books, the Court held that it should not be added in computing book profit under section 115JA, in line with accounting principles. The appeal was dismissed in favor of the assessee. en-us Tue, 30 May 2017 00:00:00 +0530 Thu, 23 Aug 2018 09:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274583 The High Court ruled in favor of the assessee, stating that penalty imposition under section 271(1)(c) was not justified when income is computed under section 115JB. The Court also upheld the cancellation of the penalty partially, following precedent and directing the cancellation. Additionally, the Court affirmed that the assessee was not liable for notional disallowance of depreciation under the block concept of assets due to amalgamation. Regarding excess depreciation provided in books, the Court held that it should not be added in computing book profit under section 115JA, in line with accounting principles. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Tue, 30 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274583