https://www.taxtmi.com/caselaws?id=382601 Penalty under section 271(1)(c) was held not leviable where the assessee's tax liability was ultimately computed under section 115JB and the additions related only to the normal provisions. The Delhi High Court position in Nalwa Sons Investment Ltd. and CBDT Circular No. 25/2015 supported the view that, for periods before 01.04.2016, concealment penalty is not attracted when tax payable under MAT exceeds tax under normal computation. The substituted Explanation 4 to section 271 was treated as prospective from 01.04.2016, so the penalty order was deleted and the assessee succeeded. en-us Thu, 04 Jul 2019 00:00:00 +0530 Fri, 05 Jul 2019 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382601 Penalty under section 271(1)(c) was held not leviable where the assessee's tax liability was ultimately computed under section 115JB and the additions related only to the normal provisions. The Delhi High Court position in Nalwa Sons Investment Ltd. and CBDT Circular No. 25/2015 supported the view that, for periods before 01.04.2016, concealment penalty is not attracted when tax payable under MAT exceeds tax under normal computation. The substituted Explanation 4 to section 271 was treated as prospective from 01.04.2016, so the penalty order was deleted and the assessee succeeded. Case-Laws Income Tax Thu, 04 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382601