Penalty u/s. 271(1)(c) cannot be levied where the tax as per regular Income tax proceedings is nil and tax is payable only as per MAT
Last updated: 28 September 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The facts at the assessment stage show that the assessee declared total loss of Rs. 1,96,610/- for the year under consideration. The assessee has also claimed exemption u/s. 10A of the Act at Rs. 96,02,867/-. The returned income was assessed at a loss of Rs. 2,69,670/-. However, the tax payable has been computed on Book Profit u/s. 115JB of the Act. On the basis of this, the Assessing Officer initiated penalty proceedings u/s. 271(1)(c) of the Act.
Citation :
The Dy. CIT-8(3), Aayakar Bhavan, Mumbai-400 020 (Appellant) Vs. M/s. Shantivijay Jewels Ltd., G-37, Gems & Jewellery Complex-III, Seepz, Andheri (E), Mumbai-400 096 PAN-AAFCS 8914F (Respondent)
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CS Bijoy
Published in Income Tax
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