https://www.taxtmi.com/caselaws?id=67993 The Appellate Tribunal canceled the penalties imposed on a cooperative society for late filing of returns under section 271(1)(A) of the Income Tax Act, noting the delay was reasonable due to a mandatory audit by the State Government. Additionally, penalties under section 273(a) for paying less advance tax than the tax assessed were also canceled, as the Tribunal found the assessee had a bona fide belief in paying the tax and that penalties were not warranted in such circumstances. The appeals of the assessee were allowed, and the penalties were canceled. en-us Thu, 14 Jul 1988 00:00:00 +0530 Wed, 16 Mar 2011 12:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67993 The Appellate Tribunal canceled the penalties imposed on a cooperative society for late filing of returns under section 271(1)(A) of the Income Tax Act, noting the delay was reasonable due to a mandatory audit by the State Government. Additionally, penalties under section 273(a) for paying less advance tax than the tax assessed were also canceled, as the Tribunal found the assessee had a bona fide belief in paying the tax and that penalties were not warranted in such circumstances. The appeals of the assessee were allowed, and the penalties were canceled. Case-Laws Income Tax Thu, 14 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67993