ITAT Jabalpur cancels penalty under s. 273(c) of IT Act 1961 for assessee's reasonable cause

The appeal was successful as the ITAT Jabalpur canceled the penalty imposed under s. 273(c) of the IT Act, 1961, due to the assessee's reasonable cause for not submitting an estimate under s. 212(3A) based on tax deducted at source.

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The appeal relates to a penalty of Rs. 3,300 under s. 273(c) of the IT Act, 1961. The ITO levied the penalty for failure to submit an estimate under s. 212(3A). The assessee argued that tax deducted at source justified not filing the estimate. The ITAT cancelled the penalty as there was a reasonable cause for not filing the estimate. The appeal was allowed. (Case: Appellate Tribunal ITAT Jabalpur, Citation: 1985 (4) TMI 123 - ITAT Jabalpur)

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