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2004 (7) TMI 29 - ALLAHABAD HIGH COURTPower of tribunal to reduce penalty u/s 271(1)(a) below the minimum - "(i) Whether Tribunal was in law competent to reduce the penalty u/s 271(1)(a) to a figure lower than the sum equal to two per cent, of the tax for every month during which the default continued but not exceeding in the aggregate 50 per cent, of the tax? (ii) Whether, Tribunal was competent to reduce the quantum of penalty below the minimum prescribed in section 271(1)(a)?" – Held that it is not open to the Tribunal to reduce the penalty imposed under section 271(1)(a) of the Act to any thing lower than the sum equal to two per cent, of the tax assessed for every month during which the default continued – both questions are answered in the negative, i.e., in favour of the Revenue
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