https://www.taxtmi.com/caselaws?id=49471 Penalty under section 28(1)(c) may be imposed on a registered firm notwithstanding dissolution where the Income tax Officer is satisfied of concealment or inaccurate particulars. The analysis treats "person" to include a firm, applies Chapter IV procedures to discontinued businesses, and accepts the proviso to section 28 as supplying an artificial basis for computing penalty for registered firms. The requirement that penalty be "in addition to any tax payable" is not a condition precedent to levy; consequently absence of tax liability under the assessment scheme does not preclude imposition of penalty when satisfaction is recorded during assessment. en-us Thu, 18 Jan 1962 00:00:00 +0530 Thu, 28 Aug 2014 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49471 Penalty under section 28(1)(c) may be imposed on a registered firm notwithstanding dissolution where the Income tax Officer is satisfied of concealment or inaccurate particulars. The analysis treats "person" to include a firm, applies Chapter IV procedures to discontinued businesses, and accepts the proviso to section 28 as supplying an artificial basis for computing penalty for registered firms. The requirement that penalty be "in addition to any tax payable" is not a condition precedent to levy; consequently absence of tax liability under the assessment scheme does not preclude imposition of penalty when satisfaction is recorded during assessment. Case-Laws Income Tax Thu, 18 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49471