https://www.taxtmi.com/caselaws?id=67002 Penalty for failure to furnish an advance-tax estimate is not sustainable where the assessee shows reasonable cause based on a bona fide and objectively plausible belief that no tax was payable. The assessee relied on the assessment history of earlier years, in which the income was not treated as taxable, and this supported its belief that advance tax was not due by the prescribed date. On those facts, the omission to file the estimate was treated as arising from reasonable cause, so the penalty under section 273(b) was cancelled. en-us Fri, 06 Feb 1981 00:00:00 +0530 Tue, 08 Mar 2011 16:55:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67002 Penalty for failure to furnish an advance-tax estimate is not sustainable where the assessee shows reasonable cause based on a bona fide and objectively plausible belief that no tax was payable. The assessee relied on the assessment history of earlier years, in which the income was not treated as taxable, and this supported its belief that advance tax was not due by the prescribed date. On those facts, the omission to file the estimate was treated as arising from reasonable cause, so the penalty under section 273(b) was cancelled. Case-Laws Income Tax Fri, 06 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67002