https://www.taxtmi.com/caselaws?id=7726 The court held that the Tribunal was incorrect in reducing the penalty imposed on the assessee below the minimum prescribed under section 271(1)(iii) of the Income-tax Act, 1961. It was determined that the Inspecting Assistant Commissioner must adhere to the statutory limits of penalties prescribed in the Act and cannot impose penalties beyond the prescribed maximum and minimum limits. Additionally, the court confirmed that the penalty proceedings were properly initiated and the penalty orders passed by the Inspecting Assistant Commissioner were valid in law. Each party was ordered to bear its own costs. en-us Wed, 27 Aug 1969 00:00:00 +0530 Wed, 18 Mar 2009 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7726 The court held that the Tribunal was incorrect in reducing the penalty imposed on the assessee below the minimum prescribed under section 271(1)(iii) of the Income-tax Act, 1961. It was determined that the Inspecting Assistant Commissioner must adhere to the statutory limits of penalties prescribed in the Act and cannot impose penalties beyond the prescribed maximum and minimum limits. Additionally, the court confirmed that the penalty proceedings were properly initiated and the penalty orders passed by the Inspecting Assistant Commissioner were valid in law. Each party was ordered to bear its own costs. Case-Laws Income Tax Wed, 27 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7726