https://www.taxtmi.com/caselaws?id=36655 The High Court upheld the penalty imposed on a registered firm under section 271(1)(c) of the Income-tax Act. The Court determined that the penalty amount was agreed upon by the firm and its chartered accountants, and thus, the Tribunal was correct in not examining whether it was the minimum penalty as per the law. The Court emphasized the significance of the agreement between the parties in determining the penalty and cited precedent supporting the principle that agreed orders cannot be challenged on appeal. Consequently, the Court ruled in favor of the revenue, denying relief to the assessee. en-us Mon, 15 Oct 1979 00:00:00 +0530 Tue, 23 Mar 2010 17:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36655 The High Court upheld the penalty imposed on a registered firm under section 271(1)(c) of the Income-tax Act. The Court determined that the penalty amount was agreed upon by the firm and its chartered accountants, and thus, the Tribunal was correct in not examining whether it was the minimum penalty as per the law. The Court emphasized the significance of the agreement between the parties in determining the penalty and cited precedent supporting the principle that agreed orders cannot be challenged on appeal. Consequently, the Court ruled in favor of the revenue, denying relief to the assessee. Case-Laws Income Tax Mon, 15 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36655