https://www.taxtmi.com/caselaws?id=67259 Penalty for delay in filing a return is not sustainable where, after giving statutory credit for advance tax and tax deducted at source, the assessed tax is nil and no tax remains payable. The Tribunal treated "assessed tax" as the tax liability after such credits, and on that basis held that the foundation for penalty under section 271(1)(a) disappears when the assessee is entitled to a refund rather than being left with any unpaid tax. en-us Tue, 09 Aug 1983 00:00:00 +0530 Wed, 09 Mar 2011 17:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67259 Penalty for delay in filing a return is not sustainable where, after giving statutory credit for advance tax and tax deducted at source, the assessed tax is nil and no tax remains payable. The Tribunal treated "assessed tax" as the tax liability after such credits, and on that basis held that the foundation for penalty under section 271(1)(a) disappears when the assessee is entitled to a refund rather than being left with any unpaid tax. Case-Laws Income Tax Tue, 09 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67259