https://www.taxtmi.com/caselaws?id=37012 Penalty under section 271(1)(a) was held inapplicable where advance tax already paid exceeded the assessed tax, because the statutory percentage penalty could not operate without any remaining assessed tax base. The court distinguished an earlier Madras decision on the ground that it involved a payment made otherwise than as advance tax and before the penalty order, which did not affect the present computation issue. On the facts stated, no balance remained on which penalty could be levied, so the reference was answered in favour of the assessee. en-us Tue, 14 Feb 1978 00:00:00 +0530 Fri, 26 Mar 2010 10:17:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37012 Penalty under section 271(1)(a) was held inapplicable where advance tax already paid exceeded the assessed tax, because the statutory percentage penalty could not operate without any remaining assessed tax base. The court distinguished an earlier Madras decision on the ground that it involved a payment made otherwise than as advance tax and before the penalty order, which did not affect the present computation issue. On the facts stated, no balance remained on which penalty could be levied, so the reference was answered in favour of the assessee. Case-Laws Income Tax Tue, 14 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37012