https://www.taxtmi.com/caselaws?id=26418 The Tribunal correctly canceled the penalties imposed on a State Government undertaking for non-payment of advance tax under section 273 of the Income-tax Act, 1961. The Tribunal found that the assessee had a bona fide belief that no tax was payable, thus establishing reasonable cause for not complying with the tax provisions. The penalties were deemed unjustified due to the assessee's genuine belief and consistent filing behavior. The decision favored the assessee, absolving them from the penalties and holding that they were not liable under section 273(b). en-us Fri, 18 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 18:23:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26418 The Tribunal correctly canceled the penalties imposed on a State Government undertaking for non-payment of advance tax under section 273 of the Income-tax Act, 1961. The Tribunal found that the assessee had a bona fide belief that no tax was payable, thus establishing reasonable cause for not complying with the tax provisions. The penalties were deemed unjustified due to the assessee's genuine belief and consistent filing behavior. The decision favored the assessee, absolving them from the penalties and holding that they were not liable under section 273(b). Case-Laws Income Tax Fri, 18 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26418