https://www.taxtmi.com/caselaws?id=65221 The ITAT canceled the penalties imposed by the AO and upheld by the CIT(A) under s. 272A(2)(c) of the Act for asst. yrs. 1995-96 and 1996-97. The ITAT found the delay in submitting the half-yearly return under s. 206C was not deliberate and was due to a reasonable cause, thus waiving the penalties. The decision emphasized that not every default attracts a penalty and considered the Supreme Court's stance on technical breaches, ultimately ruling in favor of the assessee. en-us Mon, 20 Dec 1999 00:00:00 +0530 Mon, 14 Feb 2011 12:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65221 The ITAT canceled the penalties imposed by the AO and upheld by the CIT(A) under s. 272A(2)(c) of the Act for asst. yrs. 1995-96 and 1996-97. The ITAT found the delay in submitting the half-yearly return under s. 206C was not deliberate and was due to a reasonable cause, thus waiving the penalties. The decision emphasized that not every default attracts a penalty and considered the Supreme Court's stance on technical breaches, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 20 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65221