2019 (7) TMI 297

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....ome-tax Act, 1961 [hereinafter referred to as 'the Act' for short]. 3. We find that the first appellate authority has dismissed the appeal in limine which means that the facts of the case have not been properly appreciated by the ld. CIT(A). 4. The facts on record show that the assessment was framed u/s 143(3) of the Act vide order dated 13.12.2010. Income of the assessee was computed as under: Income under the head "Business & Profession"     Net Profit as per profit and loss account   1152349276 Add: (added by assessee himself)       Provision for leave encashment 500182     Prior period expenses 218273     ROC Fees ....

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....sp; 11606,92054   Rounded off   1160^(r)2G50 After discussion the total income of the assessee is computed at ? Nil u/s. 143(3) of the I T Act, 1961, however, the tax liability is computed at Rs. 116,06,92,050/- u/s. 115JB of I T Act. issue, necessary forms after allowing credit for prepaid taxes if any. Charge interest u/s 234A, 234B. 234C & 234D as per law. - Penalty proceedings u/s 271(l){c) have been initiated separately." 5. Penalty proceedings u/s 271(1)(c) of the Act were initiated on the additions made while computing the income under normal provisions of the Act. It can be seen from the computation of income, as per the assessment order exhibited above, that the tax liability of the assessee is ....

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.... A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy of Minimum Alternate Tax on Companies, inserted by Finance Act 2000 with effect from 1-4-2001. 2. Under clause (iii) of sub-section (1) of section 271 of the Act, penalty for concealment of income or furnishing inaccurate particulars of income is determined based on the "amount of tax sought to be evaded" which has been defined inter-alia, as the difference between the tax due on the income assessed and the tax which would have been chargeable had such total income been reduced by the amount of concealed income or income in respect of which inaccurate particulars had been filed. 3. In this context, Hon'ble Delhi High Court in its judgment....