https://www.taxtmi.com/caselaws?id=16751 The court held that the Tribunal did not have the jurisdiction to reduce the penalty below the statutory limit prescribed in section 271(1)(a) of the Income-tax Act, 1961. The Tribunal's decision to lower the penalty to Rs. 1,000 was deemed legally unsustainable. As the assessing authority found no reasonable cause for the delay in filing the return and the Tribunal upheld the penalty, the court concluded that the penalty should not be less than the statutory prescription. Consequently, the court ruled in favor of the Department, determining that the penalty could not be reduced below the specified limit. en-us Wed, 29 Jan 1997 00:00:00 +0530 Wed, 09 Sep 2009 18:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16751 The court held that the Tribunal did not have the jurisdiction to reduce the penalty below the statutory limit prescribed in section 271(1)(a) of the Income-tax Act, 1961. The Tribunal's decision to lower the penalty to Rs. 1,000 was deemed legally unsustainable. As the assessing authority found no reasonable cause for the delay in filing the return and the Tribunal upheld the penalty, the court concluded that the penalty should not be less than the statutory prescription. Consequently, the court ruled in favor of the Department, determining that the penalty could not be reduced below the specified limit. Case-Laws Income Tax Wed, 29 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16751