https://www.taxtmi.com/caselaws?id=62348 Penalty for delayed filing of a return was held to be unjustified where the assessee showed reasonable cause for the delay. The return was filed two months late, but the assessee had sought extension and explained that accounts could not be finalised because the accountant was ill and absent, and business had expanded. The explanation was accepted as sufficient because time was needed to finalise the accounts and determine income before filing a correct return. Accordingly, penalty under section 271(1)(a) was cancelled. en-us Tue, 22 Mar 1983 00:00:00 +0530 Wed, 19 Jan 2011 14:39:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62348 Penalty for delayed filing of a return was held to be unjustified where the assessee showed reasonable cause for the delay. The return was filed two months late, but the assessee had sought extension and explained that accounts could not be finalised because the accountant was ill and absent, and business had expanded. The explanation was accepted as sufficient because time was needed to finalise the accounts and determine income before filing a correct return. Accordingly, penalty under section 271(1)(a) was cancelled. Case-Laws Income Tax Tue, 22 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62348