2015 (4) TMI 1048

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....L MEMBER The Revenue has questioned first appellate order whereby the Learned CIT(Appeals) has deleted the penalty levied under sec. 271(1)(c) of the Income-tax Act, 1961 at Rs. 15,03,986. At the outset of hearing, the Learned AR pointed out that the issue raised in the present case is fully covered by the decision of Hon'ble jurisdictional Delhi High Court in the case of CIT vs. Nalwa Sons I....

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....company in accordance with the provisions of Companies Act, 1956 read with accounting standards prescribed by the ICAI and were also audited under the Companies Act as well as tax audit was conducted under the Income-tax Act, 1961. He submitted that in the profit and loss account prepared by the assessee company in schedule XIV, it had clearly and unambiguously separately disclosed 'fixed assets w....

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....nd the income of the assessee is assessed under sec. 115JB of the Act and not under the normal provisions, the tax is paid on the income assessed under sec. 115JB of the Act, concealment of income would have no role to play and would not lead to tax evasion, therefore, penalty cannot be imposed on the basis of the disallowances or additions made under the regular provisions. Similar are the facts ....