2026 (3) TMI 534

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....evy of penalty u/s. 271(1)(c) of the Income Tax Act, 1961 ("the Act"). 2. At the outset, it is noted that there is a delay in filing these appeals as pointed out by the Registry. After hearing both the parties and perusing the facts placed on record, we find that there was reasonable cause for the delay in filing the present appeals and hence, the delay is hereby condoned and both the appeals are admitted for adjudication. 3. During the course of hearing, the Ld.AR submitted that in both these cases, the assessment was completed and the tax payable by the assessee was computed in terms of section 115JB of the Act which was more than the tax payable in terms of the normal provisions of the Act and in this regard, our reference was draw....

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....rnishing 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 dated 26.8.2010 in ITA No. 1420 of 2009 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....