https://www.taxtmi.com/caselaws?id=55954 The ITAT Ahmedabad-B ruled in favor of the appellant, canceling the penalty of Rs. 19,000 imposed under section 273(1)(b) of the IT Act, 1961. The tribunal found that the appellant was not required to file a statement of advance tax under section 209(1)(a) before the due date of the first installment due to no taxable income in preceding years. The tribunal also considered the unique circumstances of substantial unexpected income due to a company takeover, leading to a fluid income assessment, and deemed the penalty unjustifiable. en-us Tue, 20 Mar 1990 00:00:00 +0530 Tue, 30 Nov 2010 17:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55954 The ITAT Ahmedabad-B ruled in favor of the appellant, canceling the penalty of Rs. 19,000 imposed under section 273(1)(b) of the IT Act, 1961. The tribunal found that the appellant was not required to file a statement of advance tax under section 209(1)(a) before the due date of the first installment due to no taxable income in preceding years. The tribunal also considered the unique circumstances of substantial unexpected income due to a company takeover, leading to a fluid income assessment, and deemed the penalty unjustifiable. Case-Laws Income Tax Tue, 20 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55954