https://www.taxtmi.com/caselaws?id=272784 The Tribunal held that no penalty should be imposed under Section 271(1)(i) on a civil engineering contractor firm for non-filing of income tax return as the net tax payable was nil after considering tax paid under Section 140A. The judgment highlighted a retrospective amendment that altered penalty computation for registered firms, linking it to assessed tax without deductions for tax paid in advance. The Tribunal was directed to reassess penalty liability considering the amended provision and reasonable cause for the filing delay. The decision underscored the importance of assessing penalty based on assessed tax amount without deductions for advance tax payments. en-us Tue, 23 Sep 1975 00:00:00 +0530 Thu, 17 May 2018 17:02:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272784 The Tribunal held that no penalty should be imposed under Section 271(1)(i) on a civil engineering contractor firm for non-filing of income tax return as the net tax payable was nil after considering tax paid under Section 140A. The judgment highlighted a retrospective amendment that altered penalty computation for registered firms, linking it to assessed tax without deductions for tax paid in advance. The Tribunal was directed to reassess penalty liability considering the amended provision and reasonable cause for the filing delay. The decision underscored the importance of assessing penalty based on assessed tax amount without deductions for advance tax payments. Case-Laws Income Tax Tue, 23 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272784