https://www.taxtmi.com/caselaws?id=8832 The High Court held that the Tribunal erred in reducing the penalty below the statutory minimum prescribed under section 271(1)(a) of the Income-tax Act, 1961 for delayed filing of returns. The Court emphasized that penalties must be imposed in accordance with the law at the time of assessment completion and that income-tax authorities' satisfaction regarding the default is essential for penalty imposition. The judgment clarified that the Tribunal lacked the authority to lower the penalty below the prescribed minimum, directing each party to bear their own costs related to the matter. en-us Tue, 04 Apr 1972 00:00:00 +0530 Tue, 16 Jun 2009 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8832 The High Court held that the Tribunal erred in reducing the penalty below the statutory minimum prescribed under section 271(1)(a) of the Income-tax Act, 1961 for delayed filing of returns. The Court emphasized that penalties must be imposed in accordance with the law at the time of assessment completion and that income-tax authorities' satisfaction regarding the default is essential for penalty imposition. The judgment clarified that the Tribunal lacked the authority to lower the penalty below the prescribed minimum, directing each party to bear their own costs related to the matter. Case-Laws Income Tax Tue, 04 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8832