https://www.taxtmi.com/caselaws?id=24232 For penalty under section 271(1)(a) of the Income-tax Act, 1961, where the default was committed before 1 April 1976, the applicable statutory ceiling for a registered firm was 50% of the assessed tax. The liability to penalty arose when the default occurred, so the maximum penalty had to be determined by the limit in force on that date. The Tribunal was therefore correct in restricting the penalty to that cap in favour of the assessee. en-us Thu, 11 Aug 1988 00:00:00 +0530 Mon, 18 Jan 2010 16:38:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24232 For penalty under section 271(1)(a) of the Income-tax Act, 1961, where the default was committed before 1 April 1976, the applicable statutory ceiling for a registered firm was 50% of the assessed tax. The liability to penalty arose when the default occurred, so the maximum penalty had to be determined by the limit in force on that date. The Tribunal was therefore correct in restricting the penalty to that cap in favour of the assessee. Case-Laws Income Tax Thu, 11 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24232