2021 (10) TMI 798

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....dent.   P.C.: 1. Respondent is a company engaged in the business of construction. For the Assessment Year 2008-2009, respondent filed its return of income at Rs. 51,34,740/- after claiming deduction under Sub-Section 10 of 80 IB (Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings) of the Income Tax Act, 1961 ....

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....e or) of the said Act on the ground that (a) respondent had made an attempt to reduce its tax liability by claiming wrong deduction; and (b) respondent committed a default of not computing the book profit under Section 115JB as required mandatorily by the provisions of Act. 2. Against this order, an appeal was preferred by respondent and the Commissioner of Income Tax (Appeals....

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....l provisions of the IT Act." 3. Therefore, appellant is restricting its question of law only with regard to the imposition of penalty by the Assessing Officer on the ground that respondent committed a default of not computing the book profit under Section 115JB. The relevant paragraph in the Assessing Officer's order reads as under : It is also pertinent to mention here that the assessee com....

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.... Otherwise how could, in the order passed under Section 263 of the Act, the Commissioner of Income Tax state "............ After going through the above mentioned assessment order and the records of the assessee, it was observed that prima-facie the assessment order suffered, inter alia, from the following errors ............, i.e., the total income was assessed under the normal provisions and the....