https://www.taxtmi.com/caselaws?id=39748 The court ruled in favor of the assessee, determining that the penalty under Section 273(b) read with Section 273(ii) should be calculated by deducting the amount of Rs. 1,83,000 paid by the assessee on March 26, 1965. The court emphasized that the date of regular assessment was crucial for penalty determination, aligning with the principle of interpreting tax provisions favorably for the taxpayer. The Commissioner was directed to bear the costs of the reference to the assessee-company. en-us Mon, 26 Aug 1974 00:00:00 +0530 Tue, 20 Apr 2010 10:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39748 The court ruled in favor of the assessee, determining that the penalty under Section 273(b) read with Section 273(ii) should be calculated by deducting the amount of Rs. 1,83,000 paid by the assessee on March 26, 1965. The court emphasized that the date of regular assessment was crucial for penalty determination, aligning with the principle of interpreting tax provisions favorably for the taxpayer. The Commissioner was directed to bear the costs of the reference to the assessee-company. Case-Laws Income Tax Mon, 26 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39748