https://www.taxtmi.com/caselaws?id=38617 The court held that a penalty could be imposed on a registered firm for filing a return belatedly, even if the entire tax payable was paid before the penalty imposition date. The court clarified that penalty should be calculated based on the assessed tax, regardless of the tax being due on the penalty imposition date. The court also determined that section 271(2) focused on quantification rather than the liability to pay, allowing for the imposition of penalties on registered firms. The Tribunal was directed to determine the penalty quantum under section 271(1) read with section 271(2) of the Income-tax Act. en-us Tue, 25 Jan 1977 00:00:00 +0530 Wed, 07 Apr 2010 16:00:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38617 The court held that a penalty could be imposed on a registered firm for filing a return belatedly, even if the entire tax payable was paid before the penalty imposition date. The court clarified that penalty should be calculated based on the assessed tax, regardless of the tax being due on the penalty imposition date. The court also determined that section 271(2) focused on quantification rather than the liability to pay, allowing for the imposition of penalties on registered firms. The Tribunal was directed to determine the penalty quantum under section 271(1) read with section 271(2) of the Income-tax Act. Case-Laws Income Tax Tue, 25 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38617