https://www.taxtmi.com/caselaws?id=27876 The High Court ruled in favor of the Revenue in a case involving the assessment of penalty under section 271(1)(a) of the Income Tax Act, 1961 for late filing of a return by an assessee-firm. The court held that the advance tax paid by partners cannot be considered in penalty calculation, and only tax deducted at source and advance tax paid by the firm were deductible. The court emphasized that a retrospective amendment impacted penalty calculation, clarifying deductions and overturning previous decisions. The court directed the Commissioner to recover costs from the assessee, concluding in favor of the Revenue on most issues. en-us Thu, 15 Sep 1983 00:00:00 +0530 Tue, 16 Feb 2010 15:46:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27876 The High Court ruled in favor of the Revenue in a case involving the assessment of penalty under section 271(1)(a) of the Income Tax Act, 1961 for late filing of a return by an assessee-firm. The court held that the advance tax paid by partners cannot be considered in penalty calculation, and only tax deducted at source and advance tax paid by the firm were deductible. The court emphasized that a retrospective amendment impacted penalty calculation, clarifying deductions and overturning previous decisions. The court directed the Commissioner to recover costs from the assessee, concluding in favor of the Revenue on most issues. Case-Laws Income Tax Thu, 15 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27876