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.

Please become a Premium member. If you are already a Premium member, login here to access the full content.