https://www.taxtmi.com/caselaws?id=290040 The High Court dismissed the appeals based on the tax effect involved, as per the CBDT circular under section 268A of the Income Tax Act. Despite penalties ranging from 100 to 300 percent of the tax evasion amount, the total penalties did not exceed the limit set by the circular. The Court emphasized the importance of considering the circular's provisions and upheld the maintainability objection raised by the respondent assessee. The appeals were disposed of due to their low tax effect, without addressing the legal issues raised. en-us Wed, 13 Jul 2011 00:00:00 +0530 Sat, 05 Sep 2020 15:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290040 The High Court dismissed the appeals based on the tax effect involved, as per the CBDT circular under section 268A of the Income Tax Act. Despite penalties ranging from 100 to 300 percent of the tax evasion amount, the total penalties did not exceed the limit set by the circular. The Court emphasized the importance of considering the circular's provisions and upheld the maintainability objection raised by the respondent assessee. The appeals were disposed of due to their low tax effect, without addressing the legal issues raised. Case-Laws Income Tax Wed, 13 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290040