https://www.taxtmi.com/caselaws?id=71490 The Tribunal allowed the appeals concerning the delay in filing annual returns under section 206 of the Income-tax Act, 1961. It held that the penalty imposed should be limited to the amount of tax deductible or collectible at source, applying the amendment by Finance (No. 2) Act, 1991, retrospectively from 1-4-1989. The Tribunal accepted the plea of ignorance of law as a reasonable cause for certain assessment years, directing the re-computation of penalties for the period without reasonable cause. The appeals were allowed, reversing the order of the CIT(A). en-us Thu, 10 Jun 1993 00:00:00 +0530 Mon, 25 Apr 2011 11:33:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71490 The Tribunal allowed the appeals concerning the delay in filing annual returns under section 206 of the Income-tax Act, 1961. It held that the penalty imposed should be limited to the amount of tax deductible or collectible at source, applying the amendment by Finance (No. 2) Act, 1991, retrospectively from 1-4-1989. The Tribunal accepted the plea of ignorance of law as a reasonable cause for certain assessment years, directing the re-computation of penalties for the period without reasonable cause. The appeals were allowed, reversing the order of the CIT(A). Case-Laws Income Tax Thu, 10 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71490