https://www.taxtmi.com/caselaws?id=472403 Penalty for concealment or furnishing inaccurate particulars is not leviable where an adjustment affects only normal taxable income but does not alter tax assessed on book profit under the minimum alternate tax regime. Tax under Section 115JB is payable on the higher of normal tax and prescribed book profit. Where the assessment is ultimately based on accepted book profit, an alleged excess deduction under normal provisions creates no tax sought to be evaded. Consequently, no penalty arises under Section 271(1)(c) when the disputed adjustment has no effect on book-profit tax liability. en-us Fri, 08 Jul 2011 00:00:00 +0530 Sat, 10 Oct 2026 13:20:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472403 Penalty for concealment or furnishing inaccurate particulars is not leviable where an adjustment affects only normal taxable income but does not alter tax assessed on book profit under the minimum alternate tax regime. Tax under Section 115JB is payable on the higher of normal tax and prescribed book profit. Where the assessment is ultimately based on accepted book profit, an alleged excess deduction under normal provisions creates no tax sought to be evaded. Consequently, no penalty arises under Section 271(1)(c) when the disputed adjustment has no effect on book-profit tax liability. Case-Laws Income Tax Fri, 08 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472403