1985 (10) TMI 29

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..... er section 256(1) of the Income-tax Act, 1961, at the instance of the assessee reads thus : "Whether, on the facts and in the circumstances of the case, and in view of the combined reading of the provisions of section 271(1)(a) and section 271(2) of the Income-tax Act, 1961, the Tribunal was justified in cancelling the penalty ? " Counsel are agreed that, as far as this court is concerned, the .....

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..... e liable to penalty under sub-section (1) because it satisfies the requirements of one or the other of clauses (a) to (c) of sub-section (1). Penalty, if imposed on that firm, must then be calculated on the basis that it is an unregistered firm. It does not appear to us to be correct to say that no penalty can be imposed on a registered firm because the penalty as calculated under the provisions o .....

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