1990 (3) TMI 120 - AT - Income Tax

Summary

The ITAT Delhi-E allowed the assessee's second appeal against a penalty under s. 273(1)(b) of the IT Act, 1961 for failure to furnish a statement of advance tax. The penalty was cancelled as the relevant provision, s. 209A, was not in force during the assessment year in question, and the assessee had already been assessed for earlier years.