https://www.taxtmi.com/caselaws?id=56960 The Tribunal dismissed the revenue's appeal, affirming the cancellation of penalties under section 273(1)(b) of the Income-tax Act, 1961 for the assessment year 1980-81. The Tribunal held that the penalties imposed by the Income Tax Officer were unwarranted as the failure to file the necessary statement was considered a technical breach. It was noted that the assessees had made efforts to comply with their tax obligations by paying the advance tax due and filing additional estimates. Therefore, the Tribunal upheld the decision to cancel the penalties, emphasizing that they were not justified in the circumstances. en-us Thu, 21 Jun 1984 00:00:00 +0530 Tue, 07 Dec 2010 15:22:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56960 The Tribunal dismissed the revenue's appeal, affirming the cancellation of penalties under section 273(1)(b) of the Income-tax Act, 1961 for the assessment year 1980-81. The Tribunal held that the penalties imposed by the Income Tax Officer were unwarranted as the failure to file the necessary statement was considered a technical breach. It was noted that the assessees had made efforts to comply with their tax obligations by paying the advance tax due and filing additional estimates. Therefore, the Tribunal upheld the decision to cancel the penalties, emphasizing that they were not justified in the circumstances. Case-Laws Income Tax Thu, 21 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56960