1976 (12) TMI 34 - BOMBAY HIGH COURT

Extract:
....... that penalty at the minimum rate, i.e., at the rate of 20 on the tax avoided, had been imposed and, therefore, it is unnecessary to go further into this aspect of the matter. In the result, the question referred to us is answered in the affirmative and in favour of the revenue. The assessee will pay to the Commissioner the costs of this reference.