https://www.taxtmi.com/caselaws?id=19581 The High Court upheld the Tribunal's decision to cancel penalties for the assessment years 1978-79 and 1979-80 due to reasonable causes and advance tax exceeding tax payable. For the assessment year 1980-81, the Court directed the Tribunal to seek the Court's opinion on reducing the penalty period from 29 to 20 months, citing differences in penalty initiation grounds from previous cases. The Court dismissed some income-tax applications and instructed the Income-tax Appellate Tribunal to adjust the case statement accordingly. en-us Mon, 07 Nov 1994 00:00:00 +0530 Sat, 07 Nov 2009 11:37:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19581 The High Court upheld the Tribunal's decision to cancel penalties for the assessment years 1978-79 and 1979-80 due to reasonable causes and advance tax exceeding tax payable. For the assessment year 1980-81, the Court directed the Tribunal to seek the Court's opinion on reducing the penalty period from 29 to 20 months, citing differences in penalty initiation grounds from previous cases. The Court dismissed some income-tax applications and instructed the Income-tax Appellate Tribunal to adjust the case statement accordingly. Case-Laws Income Tax Mon, 07 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19581