1980 (2) TMI 102 - AT - Income Tax

Summary

The Appellate Tribunal ITAT BOMBAY-B heard two departmental appeals regarding penalties imposed on the assessee under s. 271(1)(a) as a registered firm. The dispute was about the calculation of penalty based on tax assessed for a registered firm or an unregistered firm. The Tribunal upheld the AAC's decision against the Revenue, citing lack of authority supporting the Revenue's contention. The appeals were dismissed.