https://www.taxtmi.com/caselaws?id=58175 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under s. 273(2)(a) of the IT Act 1961 for the assessment year 1979-80. The Tribunal held that the assessee, having no obligation to file an advance tax statement due to previous nil income assessments, was not liable for the penalty. Emphasizing the quasi-criminal nature of penalty imposition, the Tribunal canceled the penalty, citing relevant legal precedents. en-us Mon, 20 Apr 1987 00:00:00 +0530 Fri, 17 Dec 2010 17:02:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58175 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under s. 273(2)(a) of the IT Act 1961 for the assessment year 1979-80. The Tribunal held that the assessee, having no obligation to file an advance tax statement due to previous nil income assessments, was not liable for the penalty. Emphasizing the quasi-criminal nature of penalty imposition, the Tribunal canceled the penalty, citing relevant legal precedents. Case-Laws Income Tax Mon, 20 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58175