https://www.taxtmi.com/caselaws?id=414794 The High Court ruled in favor of the appellant, M/s. Kite Maker, in the penalty proceedings for Assessment Year 2010-11 under Section 271(1)(c) of the Income Tax Act, 1961. The Court determined that the penalty should be based on the tax sought to be evaded by the assessee, not the total tax payable, quantifying the penalty at 100% of the tax sought to be evaded, amounting to Rs. 5,62,918. The Court allowed the Income Tax Appeal with no costs awarded to either party. en-us Tue, 07 Sep 2021 00:00:00 +0530 Tue, 16 Nov 2021 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414794 The High Court ruled in favor of the appellant, M/s. Kite Maker, in the penalty proceedings for Assessment Year 2010-11 under Section 271(1)(c) of the Income Tax Act, 1961. The Court determined that the penalty should be based on the tax sought to be evaded by the assessee, not the total tax payable, quantifying the penalty at 100% of the tax sought to be evaded, amounting to Rs. 5,62,918. The Court allowed the Income Tax Appeal with no costs awarded to either party. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414794