CIT Vs. CENTRAL WAREHOUSING CORPORATION

JUDGEMENT

(1.) : (ORAL) These two appeals by the Revenue in the case of Central Warehousing Corporation, the respondent-assessee, relate to assessment years 2003-04 and 2004-05. By the common impugned order dated 15.11.2010, Income Tax Appellate Tribunal (,,Tribunal, for short) has deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 (,,Act, for short) after applying and following 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 question raised in the present appeals is whether penalty can be imposed on the assessee, where additions are made under the normal provisions of the Act but actually the taxable income of the assessee is assessed not under the normal provisions but under Section 115JB and there is no addition as far as book profits is concerned.