https://www.taxtmi.com/caselaws?id=67792 Penalty for delayed compulsory deposit under section 10 of the Compulsory Deposit Scheme was not automatic merely because the deposit was late. The Tribunal stated that section 10(3) required a reasonable opportunity of being heard and could not be treated as a formality. It accepted that a bona fide belief about the due date, if genuinely held, could constitute reasonable cause for the delay. On the facts recorded, the assessee's explanation was accepted and the penalty was cancelled. en-us Thu, 12 Feb 1981 00:00:00 +0530 Mon, 14 Mar 2011 16:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67792 Penalty for delayed compulsory deposit under section 10 of the Compulsory Deposit Scheme was not automatic merely because the deposit was late. The Tribunal stated that section 10(3) required a reasonable opportunity of being heard and could not be treated as a formality. It accepted that a bona fide belief about the due date, if genuinely held, could constitute reasonable cause for the delay. On the facts recorded, the assessee's explanation was accepted and the penalty was cancelled. Case-Laws Income Tax Thu, 12 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67792