https://www.taxtmi.com/caselaws?id=64968 Penalty for failure to make a compulsory deposit under the Compulsory Deposit Scheme was held not leviable where the deposit was made after the due date but within the same financial year and the delay was supported by reasonable cause. The time limit was construed on an approach analogous to the advance tax timetable under section 211 of the Income-tax Act, 1961, so a deposit made within the financial year was treated as within the statutory time frame. The amendment introducing the words "without reasonable cause" was read as allowing relief for genuine hardship, and bona fide wrong professional advice was accepted as reasonable cause. The penalty was therefore deleted in favour of the assessee. en-us Mon, 01 Jun 1992 00:00:00 +0530 Fri, 11 Feb 2011 13:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64968 Penalty for failure to make a compulsory deposit under the Compulsory Deposit Scheme was held not leviable where the deposit was made after the due date but within the same financial year and the delay was supported by reasonable cause. The time limit was construed on an approach analogous to the advance tax timetable under section 211 of the Income-tax Act, 1961, so a deposit made within the financial year was treated as within the statutory time frame. The amendment introducing the words "without reasonable cause" was read as allowing relief for genuine hardship, and bona fide wrong professional advice was accepted as reasonable cause. The penalty was therefore deleted in favour of the assessee. Case-Laws Income Tax Mon, 01 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64968