https://www.taxtmi.com/caselaws?id=9244 Penalty under section 271(1) of the Income-tax Act was to be computed on the balance tax actually payable after credit for advance tax, not on the gross tax assessed. The governing distinction was that "tax payable" is not the same as "tax assessed", so once advance tax had been adjusted, only the net amount shown in the demand could form the base for penalty. On that reasoning, the higher computation was held unsustainable and the penalty order was quashed to that extent. en-us Wed, 11 Jul 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9244 Penalty under section 271(1) of the Income-tax Act was to be computed on the balance tax actually payable after credit for advance tax, not on the gross tax assessed. The governing distinction was that "tax payable" is not the same as "tax assessed", so once advance tax had been adjusted, only the net amount shown in the demand could form the base for penalty. On that reasoning, the higher computation was held unsustainable and the penalty order was quashed to that extent. Case-Laws Income Tax Wed, 11 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9244