https://www.taxtmi.com/caselaws?id=103310 Penalty under section 273(1)(b) was held unsustainable because the obligation to file an advance-tax statement arises only where advance tax is actually payable. On the due date, the assessee had no assessable income giving rise to advance-tax liability, as the earlier assessed income was negative. Since the statutory precondition for filing the statement was absent, penalty could not be levied and was deleted in favour of the assessee. en-us Tue, 16 Jul 2002 00:00:00 +0530 Wed, 22 Feb 2012 13:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103310 Penalty under section 273(1)(b) was held unsustainable because the obligation to file an advance-tax statement arises only where advance tax is actually payable. On the due date, the assessee had no assessable income giving rise to advance-tax liability, as the earlier assessed income was negative. Since the statutory precondition for filing the statement was absent, penalty could not be levied and was deleted in favour of the assessee. Case-Laws Income Tax Tue, 16 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103310