https://www.taxtmi.com/caselaws?id=62105 The Appellate Tribunal ITAT Cochin found that the assessee had a reasonable cause for defaulting in furnishing the return under section 139(1) of the Income Tax Act. Despite the initial insufficiency of reasons provided, the Tribunal considered the assessee's lack of awareness about the reduction in the exempted minimum income and their genuine belief in not filing a voluntary return. Relying on the Hindustan Steel Ltd. case, the Tribunal rescinded the penalty proceedings, acknowledging the genuine belief and lack of awareness as justifiable reasons for the default, ultimately canceling the penalty imposed on the assessee. en-us Mon, 27 Sep 1976 00:00:00 +0530 Tue, 18 Jan 2011 11:23:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62105 The Appellate Tribunal ITAT Cochin found that the assessee had a reasonable cause for defaulting in furnishing the return under section 139(1) of the Income Tax Act. Despite the initial insufficiency of reasons provided, the Tribunal considered the assessee's lack of awareness about the reduction in the exempted minimum income and their genuine belief in not filing a voluntary return. Relying on the Hindustan Steel Ltd. case, the Tribunal rescinded the penalty proceedings, acknowledging the genuine belief and lack of awareness as justifiable reasons for the default, ultimately canceling the penalty imposed on the assessee. Case-Laws Income Tax Mon, 27 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62105