No s. 271(1)(c) penalty for concealment under normal provisions if s. 115JB book profits assessed

No doubt, there was concealment but that had its repercussions only when the assessment was done under the normal procedure. The assessment as per the normal procedure was, however, not acted upon. On the contrary, it is the deemed income assessed u/s 115JB which has become the basis of assessment as it was higher of the two. Tax is thus paid on the income assessed u/s 115JB. Hence, when the computation was made u/s 115JB, the concealment had no role to play and was totally irrelevant. Therefore, the concealment did not lead to tax evasion at all and no penalty u/s 271(1)(c) is leviable (CIT vs. Aleo Manali Hydro Power (attached) & Nalwa Sons Investment 327 ITR 543 (Del) (SLP dismissed) followed).