https://www.taxtmi.com/caselaws?id=23490 Penalty for delayed filing under section 271(1)(a) of the Income-tax Act was held leviable where section 271(2) applied to a registered firm. The Court distinguished the Supreme Court ruling on compensatory interest for late returns and held it did not control penalty proceedings. Applying its earlier Division Bench decisions, it ruled that in cases governed by section 271(2), the penalty must be computed on the tax payable on the assessed income by treating the assessee as an unregistered firm. The assessee was therefore liable to penalty, and the issue was resolved in favour of the Revenue. en-us Tue, 07 Mar 1989 00:00:00 +0530 Sat, 19 Dec 2009 15:57:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23490 Penalty for delayed filing under section 271(1)(a) of the Income-tax Act was held leviable where section 271(2) applied to a registered firm. The Court distinguished the Supreme Court ruling on compensatory interest for late returns and held it did not control penalty proceedings. Applying its earlier Division Bench decisions, it ruled that in cases governed by section 271(2), the penalty must be computed on the tax payable on the assessed income by treating the assessee as an unregistered firm. The assessee was therefore liable to penalty, and the issue was resolved in favour of the Revenue. Case-Laws Income Tax Tue, 07 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23490