https://www.taxtmi.com/caselaws?id=215144 The High Court upheld the Tribunal's decision to delete penalties imposed on a Co-operative Bank for non-compliance with Income Tax Rules. The Tribunal found the bank had reasonable cause for delays in document submission due to branch relocation, leading to the deletion of penalties under section 272B. The Court agreed with this reasoning, dismissing the Tax Appeal and stating that penalties were not warranted in this case. en-us Wed, 11 Jan 2012 00:00:00 +0530 Thu, 26 Jul 2012 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215144 The High Court upheld the Tribunal's decision to delete penalties imposed on a Co-operative Bank for non-compliance with Income Tax Rules. The Tribunal found the bank had reasonable cause for delays in document submission due to branch relocation, leading to the deletion of penalties under section 272B. The Court agreed with this reasoning, dismissing the Tax Appeal and stating that penalties were not warranted in this case. Case-Laws Income Tax Wed, 11 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215144