https://www.taxtmi.com/caselaws?id=62162 The Appellate Tribunal partially allowed both appeals filed by the assessee, directing the recalibration of the penalty calculation for each assessment year based on the specific periods of default identified in the judgment. The Tribunal considered the delay in filing returns due to the firm's failure to finalize accounts as a reasonable cause but ultimately held that the assessee could have estimated profits for filing returns. Despite the completion of the firm's assessment, the Tribunal concluded that there was no reasonable cause for the failure to file returns for the two assessment years. en-us Wed, 25 Mar 1981 00:00:00 +0530 Tue, 18 Jan 2011 13:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62162 The Appellate Tribunal partially allowed both appeals filed by the assessee, directing the recalibration of the penalty calculation for each assessment year based on the specific periods of default identified in the judgment. The Tribunal considered the delay in filing returns due to the firm's failure to finalize accounts as a reasonable cause but ultimately held that the assessee could have estimated profits for filing returns. Despite the completion of the firm's assessment, the Tribunal concluded that there was no reasonable cause for the failure to file returns for the two assessment years. Case-Laws Income Tax Wed, 25 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62162