Held  that the assessee was under a bona fide belief that it was not required to file form 3CEB but later, on realization of the facts and law, the assessee filed it with the concerned authority. No ill intention of the assessee could be attributed of evading tax or non-compliance with the tax laws as the report was filed as required by the authorities. The provisions of section 273B could be invoked in the case of the assessee as reasonable cause for failure could be substantiated. The assessee was a public sector undertaking and could not be deemed to have any deliberate intention to avoid payment of tax or to follow the statutory provisions. The penalty  was cancelled. (AY. 2013-14)