Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2011 (9) TMI 471 - BOMBAY HIGH COURT
Penalty - Failure of a dealer to furnish an audit report within the prescribed period - Tribunal reduced the the quantum of penalty - Commissioner argued there is discretion whether penalty to be imposed or not but not on the quantum of penalty - Held That:- There are two views to the interpretation of Section 61 (2),the Court would be justified in adopting that construction which favours the assessee. (Supreme court in Commissioner of Income Tax V. Vegetable Product Ltd.10 and Mauri Yeast India Pvt. Ltd. V. State of U.P). Action of Tribunal was up held.