https://www.taxtmi.com/caselaws?id=65670 A statutory fiction treating a registered firm as an unregistered firm for penalty purposes under late-return provisions cannot be extended beyond its limited role in computation. Assessed tax must be determined on the actual assessment position after deducting tax deducted at source and advance tax paid. Where the assessed tax of the registered firm is nil, the penalty base disappears and no penalty can be imposed. If competing interpretations remain, the construction favourable to the assessee prevails. en-us Tue, 23 Nov 1976 00:00:00 +0530 Fri, 18 Feb 2011 12:36:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65670 A statutory fiction treating a registered firm as an unregistered firm for penalty purposes under late-return provisions cannot be extended beyond its limited role in computation. Assessed tax must be determined on the actual assessment position after deducting tax deducted at source and advance tax paid. Where the assessed tax of the registered firm is nil, the penalty base disappears and no penalty can be imposed. If competing interpretations remain, the construction favourable to the assessee prevails. Case-Laws Income Tax Tue, 23 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65670