https://www.taxtmi.com/caselaws?id=37366 The court ruled in favor of the assessee on both issues. The managing agency commission of Rs. 76,429 was deemed not assessable for the assessment year 1970-71 as it accrued after March 31, 1970. Additionally, the penalty levied under section 273(c) was reduced to Rs. 305, considering the exclusion of the disputed sum from the assessable income. The High Court upheld these decisions, awarding costs to the assessee, including counsel's fee of Rs. 500. en-us Mon, 09 Jul 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:39:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37366 The court ruled in favor of the assessee on both issues. The managing agency commission of Rs. 76,429 was deemed not assessable for the assessment year 1970-71 as it accrued after March 31, 1970. Additionally, the penalty levied under section 273(c) was reduced to Rs. 305, considering the exclusion of the disputed sum from the assessable income. The High Court upheld these decisions, awarding costs to the assessee, including counsel's fee of Rs. 500. Case-Laws Income Tax Mon, 09 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37366