{"id":3075,"date":"2011-04-26T22:32:48","date_gmt":"2011-04-26T17:02:48","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=3075"},"modified":"2011-04-26T22:32:48","modified_gmt":"2011-04-26T17:02:48","slug":"ruchi-strips-alloys-ltd-vs-dcit-itat-mumbai-despite-concealment-no-s-2711c-penalty-if-s-115jb-book-profits-assessed","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/ruchi-strips-alloys-ltd-vs-dcit-itat-mumbai-despite-concealment-no-s-2711c-penalty-if-s-115jb-book-profits-assessed\/","title":{"rendered":"Ruchi Strips &#038; Alloys Ltd vs. DCIT (ITAT Mumbai)"},"content":{"rendered":"<table width=\"150\" border=\"0\" align=\"right\">\n<tr>\n<td><a href=\"https:\/\/itatonline.org\/archives\/?dl_id=413\" onclick=\"if (event.button==0) \r\n     setTimeout(function () { window.location = 'http:\/\/itatonline.org\/downloads.php?varname=dl_id=413&varname2=ruchi_penalty_book_profits_115JB.pdf'; }, 100)\" ><strong>Click here to download the judgement (ruchi_penalty_book_profits_115JB.pdf) <\/strong> <\/a><\/p><\/td>\n<\/tr>\n<\/table>\n<p><strong><br \/>\nDespite concealment, no s. 271(1)(c) penalty if s. 115JB book profits assessed<br \/>\n<\/strong><\/p>\n<p>Pursuant to a search u\/s 132 and the <em>detection of incriminating documents, the assessee offered additional income<\/em>. The AO computed the income under the normal provisions and levied penalty u\/s 271(1)(c) for concealment of income. However, <em>as the book profits computed u\/s 115JB was higher, the assessee was assessed u\/s 115JB<\/em>. The assessee&#8217;s appeal against the levy of penalty u\/s 271(1)(c) was rejected by the CIT (A). However, on appeal to the Tribunal, HELD:<\/p>\n<blockquote><p><strong>The concealment of income had its repercussions only when the assessment was done under the normal procedure<\/strong>. If the assessment as per the normal procedure was not acted upon and it was the <strong>deemed income assessed u\/s 115JB which became the basis of assessment<\/strong>, <strong><em>the concealment had no role to play and was totally irrelevant<\/em><\/strong>. The concealment did not lead to tax evasion at all <\/p><\/blockquote>\n<div class=\"journal2\">\n<strong>Note<\/strong>: The Delhi High Court judgement followed by the Tribunal (<em>citation not given<\/em>) is of <strong>Nalwa Sons Investments<\/strong> 327 ITR 543 (Del). The same view has been taken in <strong>S. V. Kalyanam<\/strong> 327 ITR 477 (Mad).\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><strong>The concealment of income had its repercussions only when the assessment was done under the normal procedure<\/strong>. If the assessment as per the normal procedure was not acted upon and it was the <strong>deemed income assessed u\/s 115JB which became the basis of assessment<\/strong>, <strong><em>the concealment had no role to play and was totally irrelevant<\/em><\/strong>. The concealment did not lead to tax evasion at all <\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/archives\/ruchi-strips-alloys-ltd-vs-dcit-itat-mumbai-despite-concealment-no-s-2711c-penalty-if-s-115jb-book-profits-assessed\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,8],"tags":[],"class_list":["post-3075","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-tribunal"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/3075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=3075"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/3075\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=3075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=3075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=3075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}