CIT v. Nalwa Sons Investments Ltd.

327 ITR 543High Court2010#1049 most cited

What is CIT v. Nalwa Sons Investments Ltd. authority for?

When tax is levied under Section 115JB on book profits, no penalty under Section 271(1)(c) for concealment or furnishing inaccurate particulars can be imposed based on additions or disallowances made in the regular computation of income. The regular computation is only for comparative purposes when the final tax liability is based on book profits.

104

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Nalwa Sons Investments Ltd. · Section 115JB · Section 271(1)(c) · penalty · book profits · MAT · concealment of income · furnishing inaccurate particulars · additions regular assessment · tax on book profits · levy of penalty

Also reported as

194 Taxmann 387

Sections most often in play

Section 115JBSection 271(1)(c)Section 143(3)Section 143(1)Section 143(1A)Section 35ADSection 153ASection 234B
Read the full judgment

Issues it is cited on

book profitssection 115jpenalty under section 271(1)(c)furnishing inaccurate particulars of incomesection 115jbpenalty u/s 271(1)(c)furnishing inaccurate particularsconcealment of incomesection 115section 271(1)levy of penaltysection 271(1)(c)

Judgments citing CIT v. Nalwa Sons Investments Ltd.

CIT vs. Central Warehousing Corporation

The appeal is dismissed

ITA/999/2011HC Delhi18 Apr 2012

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

Section 115JSection 234BSection 271(1)Section 271(1)(c)

…r short) after applying and following ITA 999 & 1091 of 2011 Page 2 of 5 the decision of this Court in CIT Vs. Nalwa Sons Investments Ltd. (2010) 327 ITR 543 (Delhi). 2. The issue raised is whether the decision in Nalwa Sons Investments Ltd. (supra) is applicable to the facts of the present case. The facts for the two assessment years may be noted. 3. The assessment year 2003-04: - (a) The assessee had returned loss of `10.74 crores under the normal tax provisions. The assessee had di…

CIT vs. Central Warehousing Corportion

The appeal is dismissed

ITA - 1091 / 2011HC Delhi18 Apr 2012
Section 115JSection 234BSection 271(1)Section 271(1)(c)

…plying and following 2012:DHC:2574-DB ITA 999 & 1091 of 2011 Page 2 of 5 the decision of this Court in CIT Vs. Nalwa Sons Investments Ltd. (2010) 327 ITR 543 (Delhi). 2. The issue raised is whether the decision in Nalwa Sons Investments Ltd. (supra) is applicable to the facts of the present case. The facts for the two assessment years may be noted. 3. The assessment year 2003-04: - (a) The assessee had returned loss of `10.74 crores under the normal tax provisions. The assessee had di…

CIT vs. Central Warehousing Corporation

The appeal is dismissed

ITA - 999 / 2011HC Delhi18 Apr 2012
Section 115JSection 234BSection 271(1)Section 271(1)(c)

…plying and following 2012:DHC:2574-DB ITA 999 & 1091 of 2011 Page 2 of 5 the decision of this Court in CIT Vs. Nalwa Sons Investments Ltd. (2010) 327 ITR 543 (Delhi). 2. The issue raised is whether the decision in Nalwa Sons Investments Ltd. (supra) is applicable to the facts of the present case. The facts for the two assessment years may be noted. 3. The assessment year 2003-04: - (a) The assessee had returned loss of `10.74 crores under the normal tax provisions. The assessee had di…

CIT vs. Interdril Asia Ltd

Appeal is dismissed

ITA - 717 / 2011HC Delhi05 May 2011
Section 115JSection 271(1)(c)Section 80

…assessee and against the Revenue and as a result said appeal is dismissed. In view of the aforesaid nothing survives in ITA 717/2011, even otherwise in such circumstances penalty could not be imposed as held by this Court in CIT v. Nalwa Sons Investment Ltd. 327 ITR 543. As a result, this appeal also stands disposed of. B 0 MAY 5, 2011 AK fich -c.m.no-9927/11-for reclification of typographical \nerror/mistakes. ![](_page_2_Picture_1.jpeg) # 53 ## % 19.05.2011 Present: Δ D Mr. N.P. Sahni, Sr. Standing counsel for the appellant. Mr. Piyush Kaushik, counsel for the respondent. ## + C.M. No. 9927/201…