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10. Section 273B, which was inserted by Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, however, provides that no penalty shall be imposed if the assessee proves that there was reasonable cause for the said failure. Section 273B reads as under:

273B. Penalty not to he imposed in certain cases.

Notwithstanding anything contained in the provisions of Clause (b) of Sub-section (1) of Section 271, Section 271A, [Section 271AA], Section 271B, [Section 271BA), [Section 271BB,] Section 271C, [Section 271CA] Section 271D, Section 271E, [Section 271F] [Section 271FA,] [Section 271FB] [Section 271G] Clause (c) or Clause (d) of Sub-section (1) or Sub-section (2) of Section 272A, Sub-section (1) of Section 272AA] or [Section 272B, or] [Sub-section (1) [or Sub-section (1A)} of Section 272BB or] [Sub-section (1) of Section 272BBB or] Clause (b) of Sub-section (1) or Clause (b) or Clause (c) of Sub-section (2) of Section 275 no penally shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure].