Supreme Court Reduces Tax Penalty, Grants Stay on Prosecution

The Supreme Court reduced the penalty from 300% to 100% under Section 279(1A) of the Income Tax Act, granting a stay on prosecution against the assessee. An order was issued, with a notice returnable within four weeks.

---

---

The Supreme Court issued an order based on Section 279 (1A) of the Income Tax Act and a previous decision in Prem Das Vs. Income Tax Officer. The penalty was reduced from 300% to 100%, leading to a stay on prosecution against the assessee. Notice was issued, returnable within four weeks.

---