https://www.taxtmi.com/caselaws?id=62117 Incomplete finalisation of the earlier year's accounts can constitute reasonable cause for delay in filing the subsequent year's return under section 271(1)(a) of the Income-tax Act, 1961. On that basis, delay up to the filing of the preceding year's return, with a limited further allowance to complete the accounts, was treated as excusable for the assessment year 1973-74, leaving penalty only for the remaining period. For assessment year 1974-75, the return was filed soon after the prior year's return, so no substantial delay survived and the penalty was cancelled. en-us Mon, 24 Oct 1977 00:00:00 +0530 Tue, 18 Jan 2011 11:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62117 Incomplete finalisation of the earlier year's accounts can constitute reasonable cause for delay in filing the subsequent year's return under section 271(1)(a) of the Income-tax Act, 1961. On that basis, delay up to the filing of the preceding year's return, with a limited further allowance to complete the accounts, was treated as excusable for the assessment year 1973-74, leaving penalty only for the remaining period. For assessment year 1974-75, the return was filed soon after the prior year's return, so no substantial delay survived and the penalty was cancelled. Case-Laws Income Tax Mon, 24 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62117