https://www.taxtmi.com/caselaws?id=60721 Penalty for delayed deposit under section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 was held unwarranted where the assessee deposited the amount shortly after the due date, the due date fell on a Saturday, and payment was made on the next banking day. The first year of the compulsory deposit requirement and the surrounding circumstances were accepted as constituting reasonable cause for the delay. On that basis, the appellate cancellation of penalty was sustained and the assessee succeeded. en-us Thu, 24 Apr 1980 00:00:00 +0530 Fri, 07 Jan 2011 17:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60721 Penalty for delayed deposit under section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 was held unwarranted where the assessee deposited the amount shortly after the due date, the due date fell on a Saturday, and payment was made on the next banking day. The first year of the compulsory deposit requirement and the surrounding circumstances were accepted as constituting reasonable cause for the delay. On that basis, the appellate cancellation of penalty was sustained and the assessee succeeded. Case-Laws Income Tax Thu, 24 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60721