https://www.taxtmi.com/caselaws?id=37934 The Court held that penalties should not be reduced based on settlement terms without a formal order under section 271(4A) of the Income Tax Act. It emphasized the necessity of a formal order to reduce or waive penalties, rejecting the application of promissory estoppel against statutory obligations. The Court directed the Commissioner to rectify the omission and pass formal orders, clarifying that settlement terms cannot override statutory provisions. The Tribunal's decision was deemed erroneous, and each party was instructed to bear their own costs. en-us Fri, 20 Jan 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:23:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37934 The Court held that penalties should not be reduced based on settlement terms without a formal order under section 271(4A) of the Income Tax Act. It emphasized the necessity of a formal order to reduce or waive penalties, rejecting the application of promissory estoppel against statutory obligations. The Court directed the Commissioner to rectify the omission and pass formal orders, clarifying that settlement terms cannot override statutory provisions. The Tribunal's decision was deemed erroneous, and each party was instructed to bear their own costs. Case-Laws Income Tax Fri, 20 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37934