https://www.taxtmi.com/caselaws?id=69324 The Appellate Tribunal allowed the appeal, canceling the penalty of Rs. 4,285 imposed under section 273(c) of the IT Act, 1961 for the assessment year 1973-74. The Tribunal found merit in the assessee's argument that the delay in closing the firms' accounts made it challenging to accurately anticipate profits, noting that penalties had already been imposed on the firms for the same default. The Tribunal concluded that the assessee could not be held individually responsible for the firms' defaults and accepted the explanation provided, leading to the cancellation of the penalty. en-us Wed, 04 Mar 1981 00:00:00 +0530 Wed, 06 Apr 2011 12:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69324 The Appellate Tribunal allowed the appeal, canceling the penalty of Rs. 4,285 imposed under section 273(c) of the IT Act, 1961 for the assessment year 1973-74. The Tribunal found merit in the assessee's argument that the delay in closing the firms' accounts made it challenging to accurately anticipate profits, noting that penalties had already been imposed on the firms for the same default. The Tribunal concluded that the assessee could not be held individually responsible for the firms' defaults and accepted the explanation provided, leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 04 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69324