https://www.taxtmi.com/caselaws?id=21705 The case involved the interpretation of "assessed tax" for penalty under section 271(l)(a) of the Income-tax Act, 1961 for a registered firm. The Appellate Assistant Commissioner and the Tribunal held that the penalty calculation should consider the tax payable after deductions. They rejected the argument that the penalty should be based on the firm being treated as unregistered. The Tribunal upheld the cancellation of the penalty, emphasizing the case's fact-specific nature and dismissed the Revenue's appeal, ruling in favor of the assessee. en-us Sat, 06 Jul 1991 00:00:00 +0530 Fri, 27 Nov 2009 11:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21705 The case involved the interpretation of "assessed tax" for penalty under section 271(l)(a) of the Income-tax Act, 1961 for a registered firm. The Appellate Assistant Commissioner and the Tribunal held that the penalty calculation should consider the tax payable after deductions. They rejected the argument that the penalty should be based on the firm being treated as unregistered. The Tribunal upheld the cancellation of the penalty, emphasizing the case's fact-specific nature and dismissed the Revenue's appeal, ruling in favor of the assessee. Case-Laws Income Tax Sat, 06 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21705