https://www.taxtmi.com/caselaws?id=12260 The High Court ruled in favor of the assessee/appellant, overturning the Tribunal's decision to uphold a penalty for failure to pay advance tax under section 273 of the Income-tax Act, 1961. The Court found that the penalty was unjustified as the assessee was entitled to set off unabsorbed depreciation, resulting in a nil taxable income and no obligation to pay advance tax. Therefore, the Court allowed the appeal, emphasizing that without an income tax liability, there was no basis for imposing the penalty. en-us Wed, 11 Sep 2002 00:00:00 +0530 Sat, 20 Feb 2010 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12260 The High Court ruled in favor of the assessee/appellant, overturning the Tribunal's decision to uphold a penalty for failure to pay advance tax under section 273 of the Income-tax Act, 1961. The Court found that the penalty was unjustified as the assessee was entitled to set off unabsorbed depreciation, resulting in a nil taxable income and no obligation to pay advance tax. Therefore, the Court allowed the appeal, emphasizing that without an income tax liability, there was no basis for imposing the penalty. Case-Laws Income Tax Wed, 11 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12260