COMMISSIONER OF INCOME TAX Vs. DALAL H G

JUDGEMENT

(1.) ONE question is raised in this reference at the instance of Revenue and it reads thus :

(2.) COUNSEL agreed that the Explanation introduced in S. 271 with retrospective effect applies to the case. By reason of that Explanation, assessed tax for the purpose means tax as reduced by that deducted at source or paid in advance. Having regard to this Explanation, the question is answered thus. The quantum of penalty is liable to be computed with reference to the total tax payable by the assessee as reduced by the advance tax paid by him.