https://www.taxtmi.com/caselaws?id=18898 The High Court of Madhya Pradesh upheld the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961 on a registered firm for late filing of returns. The court determined the penalty amount based on the assessed tax reduced by advance tax paid, applying sub-section (2) of section 271 to calculate the penalty rate. Despite the appellant's argument on the absence of assessed tax due to advance tax exceeding liability, the court dismissed the appeal, citing consistent precedent and rejecting reliance on a Supreme Court decision and a circular by the Central Board of Direct Taxes. en-us Fri, 03 Feb 1995 00:00:00 +0530 Mon, 02 Nov 2009 16:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18898 The High Court of Madhya Pradesh upheld the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961 on a registered firm for late filing of returns. The court determined the penalty amount based on the assessed tax reduced by advance tax paid, applying sub-section (2) of section 271 to calculate the penalty rate. Despite the appellant's argument on the absence of assessed tax due to advance tax exceeding liability, the court dismissed the appeal, citing consistent precedent and rejecting reliance on a Supreme Court decision and a circular by the Central Board of Direct Taxes. Case-Laws Income Tax Fri, 03 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18898