https://www.taxtmi.com/circulars?id=8667 Penalty under section 271 is computed by reference to tax avoided; the fiction treating a registered firm as unregistered under section 271(2) is limited to tax computation and does not permit redetermination of the firm's total income. Annuity deposit, being deductible from total income and not from tax, is not to be deducted when applying the fiction for penalty calculation for a registered firm. en-us Fri, 16 Jan 1970 00:00:00 +0530 Wed, 25 May 2011 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8667 Penalty under section 271 is computed by reference to tax avoided; the fiction treating a registered firm as unregistered under section 271(2) is limited to tax computation and does not permit redetermination of the firm's total income. Annuity deposit, being deductible from total income and not from tax, is not to be deducted when applying the fiction for penalty calculation for a registered firm. Circulars Income Tax Fri, 16 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8667