https://www.taxtmi.com/caselaws?id=64662 The Appellate Tribunal allowed the appeal and deleted the penalty imposed by the Income Tax Officer (ITO) and upheld by the Commissioner of Income Tax (Appeals) under section 273(C) of the IT Act. The Tribunal found that the unforeseen and significant increase in the gross profit rate for the relevant year was a reasonable cause for the failure to file the revised estimate of advance tax by the specified deadline. The failure was deemed not willful or intended to evade payment, leading to the penalty removal in favor of the assessee. en-us Tue, 22 Sep 1981 00:00:00 +0530 Wed, 09 Feb 2011 11:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64662 The Appellate Tribunal allowed the appeal and deleted the penalty imposed by the Income Tax Officer (ITO) and upheld by the Commissioner of Income Tax (Appeals) under section 273(C) of the IT Act. The Tribunal found that the unforeseen and significant increase in the gross profit rate for the relevant year was a reasonable cause for the failure to file the revised estimate of advance tax by the specified deadline. The failure was deemed not willful or intended to evade payment, leading to the penalty removal in favor of the assessee. Case-Laws Income Tax Tue, 22 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64662