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of <h1>Court upholds ITAT decision, deletes penalty under Income-tax Act citing reasonable cause. Commissioner's appeal rejected.</h1> <h3>Commissioner Of Income-Tax Versus Chaubey And Co.</h3> The High Court of Allahabad upheld the decision of the Income-tax Appellate Tribunal to delete the penalty imposed on the assessee under section 271(1)(a) ... Penalty The High Court of Allahabad rejected the application under section 256(2) of the Income-tax Act, 1961 filed by the Commissioner of Income-tax. The court upheld the decision of the Income-tax Appellate Tribunal to delete the penalty imposed on the assessee under section 271(1)(a) of the Act, as the assessee had reasonable cause for not filing its return of income on time. The court found that the explanation given by the assessee was acceptable and that it was not a fit case for imposition of penalty. The court rejected the application as without merit and ordered costs to be paid.
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