https://www.taxtmi.com/caselaws?id=26251 Section 271(1) fixes liability and section 271(2) prescribes a special computation rule for registered firms: once penalty is attracted under section 271(1), it must be computed as if the firm were unregistered. A nil figure on computation as a registered firm does not extinguish the penalty liability. The issue was therefore answered against the assessee and in favour of the Revenue. en-us Mon, 14 Oct 1985 00:00:00 +0530 Wed, 03 Feb 2010 16:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26251 Section 271(1) fixes liability and section 271(2) prescribes a special computation rule for registered firms: once penalty is attracted under section 271(1), it must be computed as if the firm were unregistered. A nil figure on computation as a registered firm does not extinguish the penalty liability. The issue was therefore answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Mon, 14 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26251