https://www.taxtmi.com/caselaws?id=9261 The court upheld the imposition of a penalty under section 271 of the Income-tax Act against a registered firm for failing to file the return within the specified period, despite the Income-tax Officer accepting the return and charging interest. The court ruled that the acceptance of the return does not prevent the imposition of a penalty under section 139(1) of the Act. Additionally, the court held that exceeding the taxable limit allows for the penalty under section 271, regardless of the initially declared income. Filing the return before assessment, as permitted by section 139(4), does not exempt from the penalty provisions of section 271(1)(a). The challenge to the penalty order was dismissed, with no costs awarded. en-us Wed, 20 Feb 1974 00:00:00 +0530 Sat, 20 Jun 2009 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9261 The court upheld the imposition of a penalty under section 271 of the Income-tax Act against a registered firm for failing to file the return within the specified period, despite the Income-tax Officer accepting the return and charging interest. The court ruled that the acceptance of the return does not prevent the imposition of a penalty under section 139(1) of the Act. Additionally, the court held that exceeding the taxable limit allows for the penalty under section 271, regardless of the initially declared income. Filing the return before assessment, as permitted by section 139(4), does not exempt from the penalty provisions of section 271(1)(a). The challenge to the penalty order was dismissed, with no costs awarded. Case-Laws Income Tax Wed, 20 Feb 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9261