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of <h1>Rajasthan High Court Limits Penalty to 50% of Assessed Tax under Income-tax Act</h1> The HC of Rajasthan held that penalty under section 271(1)(a) of the Income-tax Act cannot exceed 50% of assessed tax. It upheld the ITAT decision ... Penalty, Registered Firm The High Court of Rajasthan ruled that the penalty imposed on a registered firm under section 271(1)(a) of the Income-tax Act, 1961 cannot exceed 50% of the assessed tax. The court upheld the decision of the Income-tax Appellate Tribunal in reducing the penalty amount from Rs. 2,580 to Rs. 700 for the assessment year 1974-75. The reference was answered in favor of the assessee, with no costs.
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