https://www.taxtmi.com/caselaws?id=391451 The court held that for compounding offenses under Section 276C(1) of the Income Tax Act, the compounding fees should be based on 100% of the tax sought to be evaded, not 100% of the income sought to be evaded. The judgment referred to previous decisions and the CBDT guidelines, emphasizing the severity of punishment for willful tax evasion. Consequently, the court directed the petitioner, a partnership firm dealing in lubricating oil and petroleum products, to pay 100% of the tax sought to be evaded for compounding the offense under Section 276C(1) of the Act. en-us Tue, 07 Jan 2020 00:00:00 +0530 Wed, 19 Aug 2020 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391451 The court held that for compounding offenses under Section 276C(1) of the Income Tax Act, the compounding fees should be based on 100% of the tax sought to be evaded, not 100% of the income sought to be evaded. The judgment referred to previous decisions and the CBDT guidelines, emphasizing the severity of punishment for willful tax evasion. Consequently, the court directed the petitioner, a partnership firm dealing in lubricating oil and petroleum products, to pay 100% of the tax sought to be evaded for compounding the offense under Section 276C(1) of the Act. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391451