SC: No Concealment Penalty if Total Income Assessed u/s 115JB

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When the total income is determined u/s 115JB of the Income Tax Act , penalty proceeding u/s 271(1)© can not be imposed . The Delhi High Court order in CIT vs Nalwa Sons Investment Ltd [2010] 194 Taxman 387  has become finality as Supreme Court has quashed Special Leave Petition by Income Tax department in…