No Penalty for concealment under normal provisions if book profits U/s. 115JB assessed

CA Sandeep Kanoi Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is legally justified in cancelling the penalty levied under Section 271(1)(c) in spite of the fact that the assessee did not furnish any explanation either before the Assessing officer or before the Commissioner of Income Tax(A) for claiming excess depreciation than admissible under Income Tax Act and Explanation I to Section 271(1)(C) clearly states that where in respect of any facts material to the computation of income of any person, such person fails to offer an explanation, the am...