https://www.taxtmi.com/caselaws?id=156916 A wrong recital of the penal sub-section in a show-cause notice does not invalidate penalty proceedings where the assessee receives an effective opportunity to explain the default and no prejudice is shown. Financial stringency, standing alone, and the grant of extensions or instalments for payment do not establish reasonable cause for failure to pay tax within time, especially where the assessee continued to default even during the extended period and had collected tax from customers. The penalty levy was therefore upheld. en-us Thu, 11 Apr 1991 00:00:00 +0530 Thu, 26 Sep 2013 12:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=156916 A wrong recital of the penal sub-section in a show-cause notice does not invalidate penalty proceedings where the assessee receives an effective opportunity to explain the default and no prejudice is shown. Financial stringency, standing alone, and the grant of extensions or instalments for payment do not establish reasonable cause for failure to pay tax within time, especially where the assessee continued to default even during the extended period and had collected tax from customers. The penalty levy was therefore upheld. Case-Laws VAT and Sales Tax Thu, 11 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=156916