https://www.taxtmi.com/caselaws?id=68161 The Tribunal held that the assessee's failure to pay advance tax did not warrant penalties under Sections 273(2)(a) or 273(2)(b) of the IT Act, 1961, but rather under Section 218. The Tribunal disagreed with the Assessing Officer's interpretation, emphasizing that the purpose of the provisions is to ensure correct tax payments, not penalize the assessee. The Tribunal upheld the cancellation of the penalty by the CIT(A) for different reasons and dismissed the appeal. en-us Wed, 08 Mar 1995 00:00:00 +0530 Thu, 17 Mar 2011 13:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68161 The Tribunal held that the assessee's failure to pay advance tax did not warrant penalties under Sections 273(2)(a) or 273(2)(b) of the IT Act, 1961, but rather under Section 218. The Tribunal disagreed with the Assessing Officer's interpretation, emphasizing that the purpose of the provisions is to ensure correct tax payments, not penalize the assessee. The Tribunal upheld the cancellation of the penalty by the CIT(A) for different reasons and dismissed the appeal. Case-Laws Income Tax Wed, 08 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68161