https://www.taxtmi.com/caselaws?id=63530 The Third Member ruled in favor of the assessee, finding a reasonable cause for the delay in submitting Forms 15H, leading to the deletion of the entire penalty. Alternatively, if no reasonable cause was accepted, the penalty was limited to Rs. 1,74,032 in accordance with the proviso to Section 272A(2). The decision highlighted the importance of interpreting penalty provisions considering the circumstances and legislative intent, emphasizing factors beyond the assessee's control in the delay. en-us Tue, 29 Feb 2000 00:00:00 +0530 Mon, 31 Jan 2011 15:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63530 The Third Member ruled in favor of the assessee, finding a reasonable cause for the delay in submitting Forms 15H, leading to the deletion of the entire penalty. Alternatively, if no reasonable cause was accepted, the penalty was limited to Rs. 1,74,032 in accordance with the proviso to Section 272A(2). The decision highlighted the importance of interpreting penalty provisions considering the circumstances and legislative intent, emphasizing factors beyond the assessee's control in the delay. Case-Laws Income Tax Tue, 29 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63530