2021 (4) TMI 171

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....llaiya, Accountant Member This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals]-35, New Delhi dated 28.06.2017 pertaining to Assessment Year 2013-14. 2. The solitary grievance of the assessee is that the ld. CIT(A) erred in confirming the imposition of penalty of Rs. 4,60,000/- imposed by the Assessing Officer u/s. 271(1)(c) of the Income tax ....

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....15JB of the Act. As per the CBDT Circular No. 25/2015 dated 31.12.2015, no penalty can be levied on an income which has been computed u/s. 115JB of the Act and penalty has been levied on the additions/disallowances made under normal provisions of the Act. CBDT Circular referred to hereinabove reads as under: "CIRCULAR No. 25/2015 [F. No. 279/MISC./140/2015/ITJ], DATED 31-12-2015 ....

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....elhi) in the case of Nalwa Sons Investment Ltd. (available in NJRS as 2010-LL-0826-2), held that when the tax payable on income computed under normal procedure is less than the tax payable under the deeming provisions of section 115JB of the Act, then penalty under section 271(1)(c) of the Act could not be imposed with reference to additions/disallowances made under normal provisions. The judgment....

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.... the tax payable on the book profits u/s. 115JB of the Act, then penalty under section 271(1)(c) of the Act, is not attracted with reference to additions/disallowances made under normal provisions. It is further clarified that in cases prior to 1-4-2016, if any adjustment is made in the income computed for the purpose of MAT, then the levy of penalty u/s. 271(1)(c) of the Act, will depend on the n....