1973 (1) TMI 1 - SC - Income Tax

Whether Tribunal was right in holding that in calculating the penalty leviable u/s 271(1)(a)(i), the amount paid by the assessee under the provisional assessment u/s 23B of the Indian Income-tax Act, 1922, was to be deducted from the amount of tax determined under section 23(2) in order to determine the amount of tax on which the computation of the penalty was to be based - held that amount paid by the assessee under the provisional assessment under s. 23B of 1922 Act had to be deducted