https://www.taxtmi.com/caselaws?id=69338 The Tribunal allowed the appeal filed by Shri Ramprakash Jaggi against the penalty imposed under section 273(c) of the IT Act, 1961 for the assessment year 1973-74. The penalty of Rs. 4,285 was canceled as the Tribunal found that the assessee was not individually responsible for the defaults, attributing them to the firm's delayed accounting practices. The Tribunal emphasized that penalties should not be imposed on individuals when defaults were primarily due to the firm's actions. en-us Wed, 04 Mar 1981 00:00:00 +0530 Wed, 06 Apr 2011 12:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69338 The Tribunal allowed the appeal filed by Shri Ramprakash Jaggi against the penalty imposed under section 273(c) of the IT Act, 1961 for the assessment year 1973-74. The penalty of Rs. 4,285 was canceled as the Tribunal found that the assessee was not individually responsible for the defaults, attributing them to the firm's delayed accounting practices. The Tribunal emphasized that penalties should not be imposed on individuals when defaults were primarily due to the firm's actions. Case-Laws Income Tax Wed, 04 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69338