https://www.taxtmi.com/caselaws?id=39872 Penalty attracted under the Income-tax Act, 1961 could not be reduced below the statutory minimum prescribed by section 271(1)(i). The Tribunal had accepted that the filing default attracted section 271(1)(a) but erred in applying the earlier 1922 Act to reduce the quantum of punishment. The Delhi HC held that, once penalty proceedings were governed by the 1961 Act, the adjudicating authority had no power to go below the minimum fixed by that statute. The reference was answered against the assessee and in favour of the Revenue. en-us Tue, 24 Apr 1973 00:00:00 +0530 Tue, 20 Apr 2010 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39872 Penalty attracted under the Income-tax Act, 1961 could not be reduced below the statutory minimum prescribed by section 271(1)(i). The Tribunal had accepted that the filing default attracted section 271(1)(a) but erred in applying the earlier 1922 Act to reduce the quantum of punishment. The Delhi HC held that, once penalty proceedings were governed by the 1961 Act, the adjudicating authority had no power to go below the minimum fixed by that statute. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 24 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39872