https://www.taxtmi.com/caselaws?id=7712 The High Court ruled in favor of the assessee regarding the calculation of penalty under section 271(1)(a)(i). It held that the penalty should be computed on the net tax payable after deducting advance tax and self-assessment tax paid under section 140A. The court emphasized interpreting "tax payable" in favor of the assessee and concluded that the penalty should be based on the balance tax payable, not the total tax assessed. As a result, the penalty was determined to be Rs. 4,482.13, rather than the entire tax amount of Rs. 23,539.13. en-us Mon, 08 Sep 1969 00:00:00 +0530 Tue, 17 Mar 2009 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7712 The High Court ruled in favor of the assessee regarding the calculation of penalty under section 271(1)(a)(i). It held that the penalty should be computed on the net tax payable after deducting advance tax and self-assessment tax paid under section 140A. The court emphasized interpreting "tax payable" in favor of the assessee and concluded that the penalty should be based on the balance tax payable, not the total tax assessed. As a result, the penalty was determined to be Rs. 4,482.13, rather than the entire tax amount of Rs. 23,539.13. Case-Laws Income Tax Mon, 08 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7712