https://www.taxtmi.com/caselaws?id=16948 The High Court of Madras ruled in favor of a shipping company in a case involving penalty imposition under section 273(b) of the Income-tax Act, 1961. The company's late filing of an advance tax estimate resulted in a penalty of Rs. 10,600, which was later canceled by the Appellate Assistant Commissioner and upheld by the Tribunal. Despite the Department's appeal, the Court sided with the assessee, citing minimal delay, lack of deliberate defiance, and the assessee's reasonable cause due to unawareness of the law as grounds for canceling the penalty. en-us Mon, 23 Sep 1996 00:00:00 +0530 Mon, 14 Sep 2009 12:21:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16948 The High Court of Madras ruled in favor of a shipping company in a case involving penalty imposition under section 273(b) of the Income-tax Act, 1961. The company's late filing of an advance tax estimate resulted in a penalty of Rs. 10,600, which was later canceled by the Appellate Assistant Commissioner and upheld by the Tribunal. Despite the Department's appeal, the Court sided with the assessee, citing minimal delay, lack of deliberate defiance, and the assessee's reasonable cause due to unawareness of the law as grounds for canceling the penalty. Case-Laws Income Tax Mon, 23 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16948