https://www.taxtmi.com/caselaws?id=61875 The tribunal partially allowed the appeal against the penalty imposed under section 273(1)(b) of the Income-tax Act, 1961. It found the penalty justified but deemed the minimum penalty amount excessive. The tribunal interpreted the relevant provisions in favor of the assessee, reducing the penalty to Rs. 3,576 based on the assessed tax amount. The tribunal clarified that the surcharge on income tax should be included in the assessed tax calculation, directing the Assessing Officer to levy the reduced penalty amount accordingly. en-us Fri, 20 Jan 1995 00:00:00 +0530 Sat, 15 Jan 2011 17:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61875 The tribunal partially allowed the appeal against the penalty imposed under section 273(1)(b) of the Income-tax Act, 1961. It found the penalty justified but deemed the minimum penalty amount excessive. The tribunal interpreted the relevant provisions in favor of the assessee, reducing the penalty to Rs. 3,576 based on the assessed tax amount. The tribunal clarified that the surcharge on income tax should be included in the assessed tax calculation, directing the Assessing Officer to levy the reduced penalty amount accordingly. Case-Laws Income Tax Fri, 20 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61875