https://www.taxtmi.com/caselaws?id=56429 The Tribunal allowed the appeal, canceling the penalty under s. 273(2)(c) for failure to furnish an estimate of advance tax within the prescribed time. Despite the amendment removing the consideration of reasonable cause, the Tribunal accepted the assessee's bona fide belief and reasonable cause for the failure, noting the payment of advance tax exceeding 75% of the assessed tax. The introduction of s. 273B on the same day allowed for a reasonable cause defense, leading to the cancellation of the penalty. en-us Tue, 19 Aug 1997 00:00:00 +0530 Fri, 03 Dec 2010 16:11:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56429 The Tribunal allowed the appeal, canceling the penalty under s. 273(2)(c) for failure to furnish an estimate of advance tax within the prescribed time. Despite the amendment removing the consideration of reasonable cause, the Tribunal accepted the assessee's bona fide belief and reasonable cause for the failure, noting the payment of advance tax exceeding 75% of the assessed tax. The introduction of s. 273B on the same day allowed for a reasonable cause defense, leading to the cancellation of the penalty. Case-Laws Income Tax Tue, 19 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56429