No Section 271(1)(c) Penalty on Income Taxed u/s 115JB Before AY 2016-17

Flemingo Travel Retail Limited Vs DCIT (ITAT Mumbai) The issue under consideration is whether the penalty notice u/s 271(1)(c) issued to the assessee who has taxed his income as per provision of section 115JB or 115JC is justified in law? ITAT states that, the legislature observed that in a case where tax was paid by an assessee under the deeming provisions of Sec. 115JB or 115JC, the excess of such tax paid over and above its tax liability under the general provisions would thereafter be available as credit for set off against its future tax liability. On the said premises, it was observed th...