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of <h1>Court rules in favor of assessee, cancels tax penalty citing reasonable cause.</h1> The High Court of Allahabad ruled in favor of the assessee in a tax penalty case, citing a reasonable cause for not paying advance tax. The Tribunal ... Advance Tax, Bona Fide, Income Tax Act, Liability To Penalty, Tax Liability The High Court of Allahabad ruled in favor of the assessee in a tax penalty case, stating that there was a reasonable cause for not paying advance tax. The Tribunal accepted the assessee's belief that its income was exempt from tax. The penalty was canceled, and the court awarded costs of Rs. 200 to the assessee.
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