https://www.taxtmi.com/caselaws?id=18521 The High Court ruled in favor of the registered firm, holding that no penalty should be imposed under section 271(1)(a) of the Income-tax Act, 1961, as the advance tax paid exceeded the assessed tax. The court cited relevant precedents and emphasized that since no tax was outstanding, the penalty provision was inapplicable. The court also found the application of section 271(2) to be improper. Consequently, the court sided with the assessee against the Revenue, highlighting the omission of the penalty provision by a specific amendment and setting counsel fees at Rs. 750 for each side if certified. en-us Wed, 24 Jan 1996 00:00:00 +0530 Thu, 01 Oct 2009 13:48:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18521 The High Court ruled in favor of the registered firm, holding that no penalty should be imposed under section 271(1)(a) of the Income-tax Act, 1961, as the advance tax paid exceeded the assessed tax. The court cited relevant precedents and emphasized that since no tax was outstanding, the penalty provision was inapplicable. The court also found the application of section 271(2) to be improper. Consequently, the court sided with the assessee against the Revenue, highlighting the omission of the penalty provision by a specific amendment and setting counsel fees at Rs. 750 for each side if certified. Case-Laws Income Tax Wed, 24 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18521