https://www.taxtmi.com/caselaws?id=69785 The ITAT ruled in favor of the assessee, canceling the penalty imposed under section 273(b) of the IT Act. The ITAT found that the assessee, previously assessed as an individual, changed to HUF status in 1968-69, which did not justify the penalty. As the assessee had paid the tax as required and there was no default under section 212(3), the ITAT concluded that the penalty was unwarranted. The change in status did not make the assessee a new entity, and the Department's arguments were dismissed, leading to the cancellation of the penalty. en-us Fri, 27 Jun 1980 00:00:00 +0530 Tue, 12 Apr 2011 10:54:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69785 The ITAT ruled in favor of the assessee, canceling the penalty imposed under section 273(b) of the IT Act. The ITAT found that the assessee, previously assessed as an individual, changed to HUF status in 1968-69, which did not justify the penalty. As the assessee had paid the tax as required and there was no default under section 212(3), the ITAT concluded that the penalty was unwarranted. The change in status did not make the assessee a new entity, and the Department's arguments were dismissed, leading to the cancellation of the penalty. Case-Laws Income Tax Fri, 27 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69785