https://www.taxtmi.com/caselaws?id=70188 Penalty for delayed payment of compulsory deposit under the Compulsory Deposit (Income-tax Payers) Act, 1974 is not automatic; it is imposed only after hearing the defaulter, and the appeal provision indicates that the levy may be reviewed where reasonable cause is shown. The Tribunal applied the same principle reflected in penalty provisions for non-payment under the Income-tax Act, 1961, namely that a penalty can be cancelled when the delay is satisfactorily explained. On the facts, the assessee's explanation for the ten-day delay was accepted, and the penalty was cancelled. en-us Fri, 16 Nov 1979 00:00:00 +0530 Thu, 14 Apr 2011 17:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70188 Penalty for delayed payment of compulsory deposit under the Compulsory Deposit (Income-tax Payers) Act, 1974 is not automatic; it is imposed only after hearing the defaulter, and the appeal provision indicates that the levy may be reviewed where reasonable cause is shown. The Tribunal applied the same principle reflected in penalty provisions for non-payment under the Income-tax Act, 1961, namely that a penalty can be cancelled when the delay is satisfactorily explained. On the facts, the assessee's explanation for the ten-day delay was accepted, and the penalty was cancelled. Case-Laws Income Tax Fri, 16 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70188