https://www.taxtmi.com/caselaws?id=350323 Penalty levied under Sections 271D and 271E of the Income-tax Act was examined for eligibility under the Direct Tax Dispute Resolution Scheme, 2016. The Kerala HC noted that these provisions prescribe penalty equal to the amount involved in the contravention, and rejected the Revenue's narrow reading that the Scheme applied only where both minimum and maximum penalties were prescribed. It held that the assessees could have their applications considered under the Scheme notwithstanding the CBDT circulars, and the Revenue's challenge failed. en-us Fri, 22 Sep 2017 00:00:00 +0530 Thu, 19 Jul 2018 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350323 Penalty levied under Sections 271D and 271E of the Income-tax Act was examined for eligibility under the Direct Tax Dispute Resolution Scheme, 2016. The Kerala HC noted that these provisions prescribe penalty equal to the amount involved in the contravention, and rejected the Revenue's narrow reading that the Scheme applied only where both minimum and maximum penalties were prescribed. It held that the assessees could have their applications considered under the Scheme notwithstanding the CBDT circulars, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350323