Claim of extra depreciation did not lead to tax evasion

IT : Where assessee company had paid MAT, book profit disclosed by it was not income determined under Income-tax Act; therefore claim of extra depreciation did not lead to tax evasion and, hence, no penalty could be levied
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[2014] 52 taxmann.com 259 (Allahabad)
HIGH COURT OF ALLAHABAD
Commissioner of Income-tax
v.
Jindal Polyester & Steel Ltd.*
RAJES KUMAR AND DINESH GUPTA, JJ.
IT APPEAL NO. 73 OF 2001†
APRIL  7, 2014
Section 271(1)(c), read with sections 115J and 115JB, of the Income-tax Act, 1961 - Penalty - For concealment of income (MAT, effect of) - Assessment year 1998-99 - Assessing Officer levied penalty on ground that assessee company had claimed extra depreciation under profit and loss account - Whether where assessee company paid MAT, book profit disclosed by assessee for purpose of tax liability under section 115J was relevant and not income determined under provisions of Income-tax Act - Held, yes - Whether since, concealment did not lead to tax evasion, no penalty would be levied - Held, yes [Paras 16 and 17] [In favour of assessee]