https://www.taxtmi.com/caselaws?id=16693 The court held that no penalty was applicable under section 273(2)(c) for the failure to furnish an estimate of advance tax under section 209A(4). It was determined that the assessee had reasonable cause for not revising the estimate, citing genuine belief in no profit and extenuating circumstances such as the accountant's frequent unavailability. The court emphasized that penalties should not be imposed for mere non-compliance and highlighted the need for deliberate defiance or conscious disregard of obligations. The decision favored the assessee, and the reference was disposed of without costs. en-us Wed, 17 Jun 1998 00:00:00 +0530 Wed, 09 Sep 2009 15:36:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16693 The court held that no penalty was applicable under section 273(2)(c) for the failure to furnish an estimate of advance tax under section 209A(4). It was determined that the assessee had reasonable cause for not revising the estimate, citing genuine belief in no profit and extenuating circumstances such as the accountant's frequent unavailability. The court emphasized that penalties should not be imposed for mere non-compliance and highlighted the need for deliberate defiance or conscious disregard of obligations. The decision favored the assessee, and the reference was disposed of without costs. Case-Laws Income Tax Wed, 17 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16693