https://www.taxtmi.com/caselaws?id=58194 The Tribunal set aside the penalties imposed under Sections 271(1)(a) and 273(2)(b) of the Income Tax Act, 1961. For the penalty under Section 271(1)(a), the Tribunal found that the delay in filing the return was justified due to circumstances beyond the assessee's control, and the explanations provided were accepted. Regarding the penalty under Section 273(2)(b), the Tribunal determined that the assessee had reasonable grounds for the estimates made, considering the circumstances at the time. As a result, both penalties were canceled, and the appeals were allowed. en-us Tue, 13 Dec 1988 00:00:00 +0530 Fri, 17 Dec 2010 17:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58194 The Tribunal set aside the penalties imposed under Sections 271(1)(a) and 273(2)(b) of the Income Tax Act, 1961. For the penalty under Section 271(1)(a), the Tribunal found that the delay in filing the return was justified due to circumstances beyond the assessee's control, and the explanations provided were accepted. Regarding the penalty under Section 273(2)(b), the Tribunal determined that the assessee had reasonable grounds for the estimates made, considering the circumstances at the time. As a result, both penalties were canceled, and the appeals were allowed. Case-Laws Income Tax Tue, 13 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58194