https://www.taxtmi.com/caselaws?id=68004 Penalty for an alleged advance-tax default could not be sustained where the order failed to identify the precise lapse on which it was based. The assessee had filed the estimate on the basis of disclosed income, and the additions to income provided a reasonable basis for that estimate on the returned/book result. On those facts, the statutory conditions for penalty were not met, as the specific default was not clearly established and reasonable cause was not disproved. The penalty was therefore cancelled. en-us Tue, 31 Oct 1989 00:00:00 +0530 Wed, 16 Mar 2011 12:48:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68004 Penalty for an alleged advance-tax default could not be sustained where the order failed to identify the precise lapse on which it was based. The assessee had filed the estimate on the basis of disclosed income, and the additions to income provided a reasonable basis for that estimate on the returned/book result. On those facts, the statutory conditions for penalty were not met, as the specific default was not clearly established and reasonable cause was not disproved. The penalty was therefore cancelled. Case-Laws Income Tax Tue, 31 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68004