https://www.taxtmi.com/caselaws?id=63907 Statutory defaults in failing to file an advance tax estimate and make the compulsory deposit were treated as being without reasonable cause, so a plea of bona fide belief did not avail the assessee. The settlement order was read as not excluding penalty under the compulsory deposit scheme and as permitting penalty under the Income-tax Act in accordance with law, subject to the minimum leviable amount. On the facts, the raid, seizure of assets and subsequent settlement showed that the income position did not justify non-compliance, and the minimum penalties were upheld under section 273(1)(b) of the Income-tax Act, 1961 and section 10(3) of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974. en-us Mon, 29 Sep 1986 00:00:00 +0530 Wed, 02 Feb 2011 16:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63907 Statutory defaults in failing to file an advance tax estimate and make the compulsory deposit were treated as being without reasonable cause, so a plea of bona fide belief did not avail the assessee. The settlement order was read as not excluding penalty under the compulsory deposit scheme and as permitting penalty under the Income-tax Act in accordance with law, subject to the minimum leviable amount. On the facts, the raid, seizure of assets and subsequent settlement showed that the income position did not justify non-compliance, and the minimum penalties were upheld under section 273(1)(b) of the Income-tax Act, 1961 and section 10(3) of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974. Case-Laws Income Tax Mon, 29 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63907