https://www.taxtmi.com/caselaws?id=57211 The Tribunal allowed the appeal related to the penalty for the alleged bogus liability in the balance sheet, directing a fresh assessment with an opportunity for the assessee to present evidence. The appeal concerning the penalty for late filing of the income tax return was dismissed, as no new evidence warranted a change in the penalty decision. The appeal against the penalty for the failure to furnish the statement of advance tax was rejected, as the assessee failed to provide a reasonable cause for the default. en-us Thu, 21 Apr 2005 00:00:00 +0530 Wed, 08 Dec 2010 19:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57211 The Tribunal allowed the appeal related to the penalty for the alleged bogus liability in the balance sheet, directing a fresh assessment with an opportunity for the assessee to present evidence. The appeal concerning the penalty for late filing of the income tax return was dismissed, as no new evidence warranted a change in the penalty decision. The appeal against the penalty for the failure to furnish the statement of advance tax was rejected, as the assessee failed to provide a reasonable cause for the default. Case-Laws Income Tax Thu, 21 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57211