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of <h1>Assessee not penalized for late filing due to genuine belief of non-taxable income.</h1> The High Court of Madhya Pradesh held that no penalty should be imposed on the assessee for late filing of income tax return due to a genuine belief that ... Penalty The High Court of Madhya Pradesh ruled that no penalty should be imposed on the assessee for filing the income tax return late, as the delay was due to a bona fide belief that the income was not taxable. The court cited the Hindustan Steel Ltd. case and held that the penalty was not justified. The Tribunal's decision to impose a penalty was deemed unjustified.
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