https://www.taxtmi.com/caselaws?id=67121 Penalty for failure to pay self-assessment tax was held unsustainable where the assessee showed shortage of funds as a reasonable cause. The assessee had advanced monies to connected concerns, but the evidence did not establish effective control over those concerns, and the Revenue did not rebut the claim that business had to be closed for want of supplies and that recoveries came much later. As there was no material showing access to other funds for meeting the tax liability, the penalty was cancelled. en-us Mon, 30 Mar 1992 00:00:00 +0530 Wed, 09 Mar 2011 11:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67121 Penalty for failure to pay self-assessment tax was held unsustainable where the assessee showed shortage of funds as a reasonable cause. The assessee had advanced monies to connected concerns, but the evidence did not establish effective control over those concerns, and the Revenue did not rebut the claim that business had to be closed for want of supplies and that recoveries came much later. As there was no material showing access to other funds for meeting the tax liability, the penalty was cancelled. Case-Laws Income Tax Mon, 30 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67121