https://www.taxtmi.com/caselaws?id=28960 The High Court of Delhi ruled in favor of the assessee-company in a case involving the interpretation of penalty under section 273(a) of the Income-tax Act, 1961. The Court held that the penalty for shortfall in advance tax payment should be calculated based on the shortfall in tax paid after deducting tax deductible at source from 75% of the tax determined on regular assessment. Emphasizing the legislative intent and construing taxing statutes in favor of the assessee, the Court affirmed the Tribunal's decision on the penalty calculation method, without awarding costs. en-us Mon, 05 Oct 1981 00:00:00 +0530 Tue, 09 Mar 2010 10:48:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28960 The High Court of Delhi ruled in favor of the assessee-company in a case involving the interpretation of penalty under section 273(a) of the Income-tax Act, 1961. The Court held that the penalty for shortfall in advance tax payment should be calculated based on the shortfall in tax paid after deducting tax deductible at source from 75% of the tax determined on regular assessment. Emphasizing the legislative intent and construing taxing statutes in favor of the assessee, the Court affirmed the Tribunal's decision on the penalty calculation method, without awarding costs. Case-Laws Income Tax Mon, 05 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28960