https://www.taxtmi.com/caselaws?id=62435 The Tribunal partially allowed the appeal by the assessee against the penalty imposed under section 271(1)(a) of the Act for delayed submission of the return. The Tribunal canceled the penalty as the Revenue failed to prove the failure to file the return without reasonable cause. The High Court disagreed with the Tribunal's decision, suggesting that the penalty should be reconsidered based on the tax payable and the Supreme Court decision. The Tribunal directed the tax authority to verify advance tax payments and recalculate the penalty, rejecting the argument to limit the penalty based on the tax payable by the assessee as a registered firm. en-us Fri, 24 Feb 1978 00:00:00 +0530 Wed, 19 Jan 2011 18:10:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62435 The Tribunal partially allowed the appeal by the assessee against the penalty imposed under section 271(1)(a) of the Act for delayed submission of the return. The Tribunal canceled the penalty as the Revenue failed to prove the failure to file the return without reasonable cause. The High Court disagreed with the Tribunal's decision, suggesting that the penalty should be reconsidered based on the tax payable and the Supreme Court decision. The Tribunal directed the tax authority to verify advance tax payments and recalculate the penalty, rejecting the argument to limit the penalty based on the tax payable by the assessee as a registered firm. Case-Laws Income Tax Fri, 24 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62435