https://www.taxtmi.com/caselaws?id=62091 Penalty for failure to furnish a return is not sustainable where the assessee shows bona fide belief amounting to reasonable cause for the omission. On the facts, the assessee's only income was share income from a firm, and the surrounding circumstances, including the dispute about the partnership, the dissolution arrangement, the omission in the later year's return, and the dropping of penalty proceedings for another year, supported the explanation that the default was not deliberate concealment. The eventual assessability of the share income did not by itself negate reasonable cause for not filing the return for the relevant year. en-us Wed, 31 Mar 1976 00:00:00 +0530 Tue, 18 Jan 2011 10:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62091 Penalty for failure to furnish a return is not sustainable where the assessee shows bona fide belief amounting to reasonable cause for the omission. On the facts, the assessee's only income was share income from a firm, and the surrounding circumstances, including the dispute about the partnership, the dissolution arrangement, the omission in the later year's return, and the dropping of penalty proceedings for another year, supported the explanation that the default was not deliberate concealment. The eventual assessability of the share income did not by itself negate reasonable cause for not filing the return for the relevant year. Case-Laws Income Tax Wed, 31 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62091