https://www.taxtmi.com/caselaws?id=70121 The Tribunal ruled in favor of the assessee, canceling the penalties imposed under section 285A(2) of the Income-tax Act for failure to file requisite particulars in Form No. 52. The Tribunal considered the genuine belief of the assessee that the contracts did not fall under the section's purview due to the payment structure and the uncertainty regarding the contract value exceeding Rs. 50,000 initially. It emphasized that the section aims to ensure timely form submission and concluded that the failure to file initially, if deemed a technical default, did not warrant penalties. en-us Tue, 26 Mar 1991 00:00:00 +0530 Thu, 14 Apr 2011 14:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70121 The Tribunal ruled in favor of the assessee, canceling the penalties imposed under section 285A(2) of the Income-tax Act for failure to file requisite particulars in Form No. 52. The Tribunal considered the genuine belief of the assessee that the contracts did not fall under the section's purview due to the payment structure and the uncertainty regarding the contract value exceeding Rs. 50,000 initially. It emphasized that the section aims to ensure timely form submission and concluded that the failure to file initially, if deemed a technical default, did not warrant penalties. Case-Laws Income Tax Tue, 26 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70121