https://www.taxtmi.com/caselaws?id=56109 The tribunal allowed the appeal, canceling the penalty imposed under section 273(1)(b) of the IT Act, 1961. It was held that the revenue failed to prove the absence of a reasonable cause for the appellant's failure to furnish the advance tax statement. The appellant's genuine belief regarding tax liability, supported by the deletion of interest under section 215, constituted a reasonable cause. The tribunal emphasized the importance of proper care by officers to prevent revenue loss but upheld the cancellation of the penalty. en-us Wed, 26 Feb 1992 00:00:00 +0530 Wed, 01 Dec 2010 16:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56109 The tribunal allowed the appeal, canceling the penalty imposed under section 273(1)(b) of the IT Act, 1961. It was held that the revenue failed to prove the absence of a reasonable cause for the appellant's failure to furnish the advance tax statement. The appellant's genuine belief regarding tax liability, supported by the deletion of interest under section 215, constituted a reasonable cause. The tribunal emphasized the importance of proper care by officers to prevent revenue loss but upheld the cancellation of the penalty. Case-Laws Income Tax Wed, 26 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56109