https://www.taxtmi.com/caselaws?id=64933 The Tribunal ruled in favor of the appellant, a cloth business firm, in an appeal against the penalty imposed under section 271(1)(a) for a 14-month delay in filing the income tax return. The Tribunal held that if the tax determined on assessment is less or equal to the tax paid in advance, the penalty should not be imposed under section 271(1)(a). It emphasized that section 271(2) does not automatically apply to registered firms and considered the appellant's explanation for the delay, advance tax payment, and lack of previous significant delays in its decision to delete the penalty. en-us Wed, 27 Sep 1989 00:00:00 +0530 Fri, 11 Feb 2011 12:24:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64933 The Tribunal ruled in favor of the appellant, a cloth business firm, in an appeal against the penalty imposed under section 271(1)(a) for a 14-month delay in filing the income tax return. The Tribunal held that if the tax determined on assessment is less or equal to the tax paid in advance, the penalty should not be imposed under section 271(1)(a). It emphasized that section 271(2) does not automatically apply to registered firms and considered the appellant's explanation for the delay, advance tax payment, and lack of previous significant delays in its decision to delete the penalty. Case-Laws Income Tax Wed, 27 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64933