https://www.taxtmi.com/caselaws?id=39245 The court held that a registered firm can be penalized under section 271(1)(c) even if its income is ultimately found not assessable to tax. The jurisdiction of the Inspecting Assistant Commissioner to impose penalties is determined at the initiation of proceedings, not based on subsequent events. Section 271(2) directs that penalty computation for registered firms should treat them as unregistered. The court overturned the Tribunal's decision to cancel the penalty, ruling in favor of the revenue and ordering the respondent-assessee to bear the costs. en-us Wed, 03 Dec 1975 00:00:00 +0530 Wed, 14 Apr 2010 10:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39245 The court held that a registered firm can be penalized under section 271(1)(c) even if its income is ultimately found not assessable to tax. The jurisdiction of the Inspecting Assistant Commissioner to impose penalties is determined at the initiation of proceedings, not based on subsequent events. Section 271(2) directs that penalty computation for registered firms should treat them as unregistered. The court overturned the Tribunal's decision to cancel the penalty, ruling in favor of the revenue and ordering the respondent-assessee to bear the costs. Case-Laws Income Tax Wed, 03 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39245