https://www.taxtmi.com/caselaws?id=24245 Partners of a firm were initially penalized for a refund of sales tax received by the firm during the assessment year 1968-69. The Tribunal deleted the penalties, but the High Court upheld penalties for the partners. However, the High Court later ruled in favor of the partners, stating that penalties could not be imposed on them for the refund amount as it was deemed income of the firm. The Court held that the refund amount received by the partners individually could not attract penalties under the Income-tax Act, 1961. The decision to delete the penalties against the partners was upheld, and the reference was answered in their favor. en-us Mon, 23 Jan 1989 00:00:00 +0530 Mon, 18 Jan 2010 17:10:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24245 Partners of a firm were initially penalized for a refund of sales tax received by the firm during the assessment year 1968-69. The Tribunal deleted the penalties, but the High Court upheld penalties for the partners. However, the High Court later ruled in favor of the partners, stating that penalties could not be imposed on them for the refund amount as it was deemed income of the firm. The Court held that the refund amount received by the partners individually could not attract penalties under the Income-tax Act, 1961. The decision to delete the penalties against the partners was upheld, and the reference was answered in their favor. Case-Laws Income Tax Mon, 23 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24245