The Delhi High Court dismissed the Revenue's appeal against an ITAT order dated October 23, 2018. The court held that no substantial question of law arose as the CIT(A) did not correctly show enhancement of book profit, making a penalty under section 271(1)(c) inapplicable.
The appeal filed by the Revenue is dismissed.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
$~60
versus
GE INDIA INDUSTRIAL PVT. LTD. ..... Respondent Through: None.
CORAM: JUSTICE S.MURALIDHAR JUSTICE REKHA PALLI
O R D E R % 07.05.2019
“2.1 Whether on the facts and circumstances of the case and in law, the ITAT has erred in holding that no penalty under section 271(1)(c) of the Act can be levied in view of the decision of the Delhi High Court in the case of Nalwa Sons Investment Ltd. (327 ITR 543) without appreciating the fact that the ratio laid down in that case is not applicable to facts of present case?
2.2 Whether on the facts and in the. circumstances of the case and in law, ITAT has erred in holding that no penalty under section 271(1)(c) can be levied without appreciating the fact that Assessee has not furnished accurate particulars of book profit taxable under section 115JB of the IT Act which resulted in enhancement of book profit of the assessee by RS.2.97 crores?”
S.MURALIDHAR, J.
REKHA PALLI, J.
MAY 07, 2019 sr
3 issues framed by the court
Whether the ITAT erred in holding that no penalty can be levied under section 271(1)(c) without appreciating facts distinguishing it from Nalwa Sons Investment Ltd.
Whether the ITAT erred in holding that no penalty can be levied under section 271(1)(c) despite the assessee not furnishing accurate particulars of book profit under section 115JB.
Whether a substantial question of law arises regarding the levy of penalty for inaccurate particulars under section 271(1)(c).
Colour shows how this judgement treated each authority
Nalwa Sons Investment Ltd.Referred¶11
Nalwa Sons Investment Ltd. (327 ITR 543)
2 provisions across 1 enactments
The PR. Commissioner of Income Tax -4
GE India Industrial Pvt. Ltd.
S. Muralidhar
Rekha Palli
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
