Section 115JB, 271 of Income Tax Act, 1961—In the instant case, question is that, whether the penalty u/s 271(1)(c ) of the Act could be levied on the disallowance / additions made total income under normal provisions of the act, if ultimately the tax liability is determined u/s 115JB.

Held that—we hold that no penalty u/s 271(1)( c) of the Act could be made in the facts of the instant case in the hands of the assessee.[M/S. MULCHAND R. SHAH JEWELLERS PVT. LTD. VERSUS DEPUTY COMMISSIONER OF INCOME TAX – 10 (2) (2) , MUMBAI] [2019] 12 ITCD Online (39) [ITAT MUMBAI]