https://www.taxtmi.com/caselaws?id=36332 The High Court upheld the imposition of a penalty under section 271(1)(a) of the Income Tax Act on an assessee-firm for default in filing the return of income during reassessment proceedings. The court ruled against the assessee, emphasizing the correct interpretation of provisions under section 271(1) and 271(2) and the importance of considering the assessed tax for penalty calculation in cases of return filing defaults. The penalty was deemed valid, even for registered firms treated as unregistered for penalty purposes, as specified in the Act. en-us Wed, 08 Oct 1980 00:00:00 +0530 Sat, 20 Mar 2010 17:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36332 The High Court upheld the imposition of a penalty under section 271(1)(a) of the Income Tax Act on an assessee-firm for default in filing the return of income during reassessment proceedings. The court ruled against the assessee, emphasizing the correct interpretation of provisions under section 271(1) and 271(2) and the importance of considering the assessed tax for penalty calculation in cases of return filing defaults. The penalty was deemed valid, even for registered firms treated as unregistered for penalty purposes, as specified in the Act. Case-Laws Income Tax Wed, 08 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36332