Penalty u/s 271(1)(c) not leviable as tax was payable on book profits u/s 115JB

DCIT Vs Havells India Ltd. (ITAT Delhi) ITAT Delhi held that penalty u/s 271(1)(c) of the Income Tax Act alleging inaccurate particulars not leviable as assessee was subjected to tax on book profits u/s 115JB. Facts- The case of the assessee was selected for scrutiny and consequently assessment was framed u/s. 143(3) of the I.T. Act, 1961 and the total income was determined at Rs. 227,43,00,686/-. While determining the total income various additions were inter alia made by AO. The AO was of the view that with respect to the aforesaid additions that were made, assessee had furnished inaccurate ...