https://www.taxtmi.com/caselaws?id=37777 The court held that the levy of interest under section 139(1) of the Income-tax Act did not amount to condonation of delay as required by law. The Tribunal's decision upholding the interest levy was affirmed. Regarding the calculation of penalty under section 271(2) of the Act, the court ruled that the penalty imposed on a registered firm should be the same as that on an unregistered firm in certain circumstances. The Tribunal's decision to apply section 271(2) in this case was upheld. The judgment favored the tax authorities, and no costs were awarded to either party. en-us Wed, 19 Jul 1978 00:00:00 +0530 Thu, 01 Apr 2010 10:40:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37777 The court held that the levy of interest under section 139(1) of the Income-tax Act did not amount to condonation of delay as required by law. The Tribunal's decision upholding the interest levy was affirmed. Regarding the calculation of penalty under section 271(2) of the Act, the court ruled that the penalty imposed on a registered firm should be the same as that on an unregistered firm in certain circumstances. The Tribunal's decision to apply section 271(2) in this case was upheld. The judgment favored the tax authorities, and no costs were awarded to either party. Case-Laws Income Tax Wed, 19 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37777