https://www.taxtmi.com/caselaws?id=355189 The court allowed the revision in favor of the assessee, finding that the penalty imposition for delayed tax deposit was unjustified. The court emphasized the discretionary nature of penalty imposition, requiring the absence of a reasonable cause for the delay, which was not proven in this case. As the State had been compensated with interest for the delay and a reasonable cause was presented, the court held that the penalty of 20% of the admitted tax amounting to Rs. 6,92,540 was unwarranted. en-us Mon, 05 Feb 2018 00:00:00 +0530 Mon, 12 Feb 2018 07:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355189 The court allowed the revision in favor of the assessee, finding that the penalty imposition for delayed tax deposit was unjustified. The court emphasized the discretionary nature of penalty imposition, requiring the absence of a reasonable cause for the delay, which was not proven in this case. As the State had been compensated with interest for the delay and a reasonable cause was presented, the court held that the penalty of 20% of the admitted tax amounting to Rs. 6,92,540 was unwarranted. Case-Laws VAT and Sales Tax Mon, 05 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355189