https://www.taxtmi.com/caselaws?id=39642 The High Court held that the letter from the Commissioner of Income-tax constituted an order under section 271(4A), allowing for a reduction or waiver of penalties. The Commissioner's decision to restrict the penalty to 20% of the tax attributable to specific income was deemed valid. The court confirmed that the penalty for the assessment year 1964-65 was waived under the settlement. The Tribunal's questions were answered affirmatively, and the case was disposed of without costs. en-us Fri, 04 Oct 1974 00:00:00 +0530 Mon, 19 Apr 2010 12:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39642 The High Court held that the letter from the Commissioner of Income-tax constituted an order under section 271(4A), allowing for a reduction or waiver of penalties. The Commissioner's decision to restrict the penalty to 20% of the tax attributable to specific income was deemed valid. The court confirmed that the penalty for the assessment year 1964-65 was waived under the settlement. The Tribunal's questions were answered affirmatively, and the case was disposed of without costs. Case-Laws Income Tax Fri, 04 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39642