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Case Law Details

Case Name : The Dy. CIT-8(3) Vs M/s. Shantivijay Jewels Ltd. (ITAT Mumbai)
Related Assessment Year : 2003-04
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On identical facts in ITA No. 6600/Mum/2011 wherein we have held that penalty cannot be levied u/s. 271(1)(c) when the income is computed as per the provisions of Sec. 115JB of the Act. In that case, we have followed the decision of Hon’ble Delhi High Court in the case of CIT Vs Nalwa Sons Investments Ltd. (2011) 37 ITCL 218 (ITA No. 1420/2009).

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