https://www.taxtmi.com/caselaws?id=62077 A bona fide belief that assessees were not assessable as a body of individuals and, on that basis, were not required to file a return under section 139(1), constituted reasonable cause for failure to file the return in time. The fact that the source of the amount was not satisfactorily explained for assessment purposes did not, by itself, justify penalty under section 271(1)(a). On that reasoning, the penalty was not sustainable and its cancellation was upheld. en-us Tue, 07 Jan 1975 00:00:00 +0530 Tue, 18 Jan 2011 10:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62077 A bona fide belief that assessees were not assessable as a body of individuals and, on that basis, were not required to file a return under section 139(1), constituted reasonable cause for failure to file the return in time. The fact that the source of the amount was not satisfactorily explained for assessment purposes did not, by itself, justify penalty under section 271(1)(a). On that reasoning, the penalty was not sustainable and its cancellation was upheld. Case-Laws Income Tax Tue, 07 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62077