https://www.taxtmi.com/caselaws?id=18099 The Tribunal upheld the cancellation of penalties imposed on a registered firm for late filing of income tax returns, ruling that no penalty under section 271(1)(a) can be levied if no tax is payable after considering advance tax paid. This aligns with the Supreme Court's observations in a related case and interpretations by various High Courts. The court's decision favored the assessee, emphasizing that penalties should not be imposed when advance tax covers the tax assessed. en-us Tue, 25 Jun 1996 00:00:00 +0530 Sat, 26 Sep 2009 17:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18099 The Tribunal upheld the cancellation of penalties imposed on a registered firm for late filing of income tax returns, ruling that no penalty under section 271(1)(a) can be levied if no tax is payable after considering advance tax paid. This aligns with the Supreme Court's observations in a related case and interpretations by various High Courts. The court's decision favored the assessee, emphasizing that penalties should not be imposed when advance tax covers the tax assessed. Case-Laws Income Tax Tue, 25 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18099