https://www.taxtmi.com/caselaws?id=298168 The Tribunal upheld the deletion of penalty under section 271(1)(c) by the Ld. Commissioner of Income Tax, Mumbai, amounting to Rs. 1,63,71,320, based on the decision in CIT vs. Nalwa Sons Investment Ltd. The Tribunal ruled that penalty cannot be imposed under section 271(1)(c) when income is computed under section 115JB, even if tax is paid under normal provisions, as it does not amount to evasion. The Tribunal emphasized the inapplicability of penalty in such cases, leading to the dismissal of the Revenue's appeal. en-us Wed, 20 Jul 2016 00:00:00 +0530 Sun, 17 Oct 2021 17:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298168 The Tribunal upheld the deletion of penalty under section 271(1)(c) by the Ld. Commissioner of Income Tax, Mumbai, amounting to Rs. 1,63,71,320, based on the decision in CIT vs. Nalwa Sons Investment Ltd. The Tribunal ruled that penalty cannot be imposed under section 271(1)(c) when income is computed under section 115JB, even if tax is paid under normal provisions, as it does not amount to evasion. The Tribunal emphasized the inapplicability of penalty in such cases, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298168