1988 (8) TMI 23

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..... t "the Act"), at the instance of the Revenue, to answer the following question of law, viz. : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the penalty imposable under section 271(1)(a) of the Income-tax Act, 1961, in the case of the assessee-registered firm cannot exceed 50% of the assessed tax worked out in the status of a regist .....

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..... eference at the instance of the Revenue. There is no controversy that prior to April 1, 1976, the maximum penalty calculated at the rate of 2% of the assessed tax for every month during which the default continued, could not exceed 50% of the assessed tax. This was the upper limit for penalty prescribed at the time when the assessee committed default incurring the liability for payment of penalt .....

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