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1971 (3) TMI 35 - ALLAHABAD HIGH COURT"Whether, on the facts and in the circumstances of the case, the Tribunal was right in cancelling the penalty of Rs. 8,732 imposed on the assessee?" - Section 271(1)(i) lays down that the penalty must be computed at a sum equal to two per cent. of the tax for every month during which the default continued, but not exceeding in the aggregate fifty per cent. of the tax. No date has been fixed from which the computation must be effected. The rate of tax has to be applied in respect of the entire period of the default, and it is immaterial that some part of that period falls before April, 1962.
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