Despite concealment, no penalty u/s. 271(1)(c) if book profits assessed u/s. 115JB

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Recently ITAT Mumbai in the case of Ruchi Strips & Alloys Ltd vs. DCIT held that the concealment of income had its repercussions only when the assessment was done under the normal procedure. If the assessment as per the normal procedure was not acted upon and it was the deemed income assessed u/s 115JB which became the basis of assessment, the concealment had no role to play and was totally irrelevant. The concealment did not lead to tax evasion at all.

Ruchi Strips & Alloys Ltd vs. DCIT (ITAT Mumbai)
I.T.A. No.6940/Mum/2008 (Assessment Year : 2003-04) & I.T.A. No.6941/Mum/2008 (Assessment Year : 2005-06)