https://www.taxtmi.com/caselaws?id=7970 For computing penalty under section 271(1)(i) of the Income-tax Act, the expression "the tax" was read, in context, as the tax actually payable after credit for amounts already paid, including tax paid under provisional assessment. The Court rejected the Revenue's contention that penalty had to be calculated on the assessed tax without such deductions. It further held that the definition of "tax" in section 2(43) did not displace the contextual reading, and applied the settled rule that a penal provision reasonably admitting of two constructions must be construed in favour of the assessee. The Tribunal's reduced penalty was therefore upheld. en-us Thu, 26 Jun 1969 00:00:00 +0530 Thu, 26 Mar 2009 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7970 For computing penalty under section 271(1)(i) of the Income-tax Act, the expression "the tax" was read, in context, as the tax actually payable after credit for amounts already paid, including tax paid under provisional assessment. The Court rejected the Revenue's contention that penalty had to be calculated on the assessed tax without such deductions. It further held that the definition of "tax" in section 2(43) did not displace the contextual reading, and applied the settled rule that a penal provision reasonably admitting of two constructions must be construed in favour of the assessee. The Tribunal's reduced penalty was therefore upheld. Case-Laws Income Tax Thu, 26 Jun 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7970