Section 470 - Penalty not to be imposed in certain cases

Showing reasonable cause bars penalties under listed Income Tax Act penalty provisions for taxpayer defaults

No penalty shall be imposed under the listed penalty provisions of the Income Tax Act for failures covered by those provisions if the assessee demonstrates that the failure was due to reasonable cause; in other words, despite applicability of the specified penalty sections, proof of reasonable cause by the taxpayer precludes imposition of a penalty for the relevant default.