https://www.taxtmi.com/caselaws?id=67157 The Tribunal upheld the penalty imposed by the AO under Sections 271(1)(a) and 271(2) for late filing of the return by the assessee, despite advance tax payment exceeding the tax liability. The Tribunal emphasized the importance of timely compliance and held that the absence of a reasonable cause for the delay warranted the penalty. The CIT(A)'s decision to cancel the penalty was overturned, and the Revenue's appeal was allowed. en-us Fri, 19 Jul 1996 00:00:00 +0530 Wed, 09 Mar 2011 12:57:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67157 The Tribunal upheld the penalty imposed by the AO under Sections 271(1)(a) and 271(2) for late filing of the return by the assessee, despite advance tax payment exceeding the tax liability. The Tribunal emphasized the importance of timely compliance and held that the absence of a reasonable cause for the delay warranted the penalty. The CIT(A)'s decision to cancel the penalty was overturned, and the Revenue's appeal was allowed. Case-Laws Income Tax Fri, 19 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67157