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The High Court of Bombay ruled that the penalty should be calculated based on the total tax payable by the assessee, reduced by the advance tax paid. The court referred to the Explanation in section 271 to support this decision.
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Home
The High Court of Bombay ruled that the penalty should be calculated based on the total tax payable by the assessee, reduced by the advance tax paid. The court referred to the Explanation in section 271 to support this decision.
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