https://www.taxtmi.com/caselaws?id=7832 The High Court of Rajasthan clarified penalty imposition criteria under section 271(1)(i) of the Income-tax Act, 1961, emphasizing that penalties must align with the current Act's provisions. The Court rejected reducing penalties below the specified 2% of tax per default month, not exceeding 50% of tax, citing Circular No. 16-D. Advance tax payments should not be considered in penalty calculations, as per the Circular and Act. The Court upheld penalties based on the specified percentage of tax for default months, ensuring adherence to statutory provisions. en-us Fri, 29 Aug 1969 00:00:00 +0530 Thu, 19 Mar 2009 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7832 The High Court of Rajasthan clarified penalty imposition criteria under section 271(1)(i) of the Income-tax Act, 1961, emphasizing that penalties must align with the current Act's provisions. The Court rejected reducing penalties below the specified 2% of tax per default month, not exceeding 50% of tax, citing Circular No. 16-D. Advance tax payments should not be considered in penalty calculations, as per the Circular and Act. The Court upheld penalties based on the specified percentage of tax for default months, ensuring adherence to statutory provisions. Case-Laws Income Tax Fri, 29 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7832