https://www.taxtmi.com/caselaws?id=28907 The court held that penalty under section 271(1)(a)(i) of the Income-tax Act, 1961, is justified for failure to furnish the return within the time allowed under section 139(1), even if the return is filed in response to a notice under section 148 or before assessment within the period specified in section 139(4)(b). The penalty should be calculated on the "assessed tax" after deducting advance tax but not provisional tax. The decision favored the tax authorities, and each party was ordered to bear their own costs. en-us Thu, 17 Sep 1981 00:00:00 +0530 Mon, 08 Mar 2010 15:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28907 The court held that penalty under section 271(1)(a)(i) of the Income-tax Act, 1961, is justified for failure to furnish the return within the time allowed under section 139(1), even if the return is filed in response to a notice under section 148 or before assessment within the period specified in section 139(4)(b). The penalty should be calculated on the "assessed tax" after deducting advance tax but not provisional tax. The decision favored the tax authorities, and each party was ordered to bear their own costs. Case-Laws Income Tax Thu, 17 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28907