https://www.taxtmi.com/caselaws?id=10929 Penalty under the Compulsory Deposit Scheme could not be sustained where the assessee filed a nil estimate of current income and no direction was issued by the Assessing Officer requiring compulsory deposit on the basis of returned or assessed income. On those facts, the statutory liability to make a deposit did not arise, so the foundation for penalty under section 10 was absent. The filing of a nil estimate also constituted reasonable cause against penal action. The penalty was therefore deleted, and the issue was answered in favour of the assessee. en-us Thu, 08 May 2003 00:00:00 +0530 Mon, 27 Jul 2009 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10929 Penalty under the Compulsory Deposit Scheme could not be sustained where the assessee filed a nil estimate of current income and no direction was issued by the Assessing Officer requiring compulsory deposit on the basis of returned or assessed income. On those facts, the statutory liability to make a deposit did not arise, so the foundation for penalty under section 10 was absent. The filing of a nil estimate also constituted reasonable cause against penal action. The penalty was therefore deleted, and the issue was answered in favour of the assessee. Case-Laws Income Tax Thu, 08 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10929