https://www.taxtmi.com/caselaws?id=64560 The appeal by the revenue was allowed in part, remanding the matter back to the Appellate Assistant Commissioner (AAC) for reconsideration of the reasonable cause for the delay in filing the return. The Tribunal upheld the imposition of the penalty under Section 271(1)(a) for the delayed filing, emphasizing that the penalty is applicable regardless of the assessed tax amount being zero. The Tribunal clarified that the penalty ceiling under Section 271(3)(d) should be considered, limiting the penalty to twice the amount of tax sought to be evaded. en-us Fri, 21 Feb 1992 00:00:00 +0530 Tue, 08 Feb 2011 15:40:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64560 The appeal by the revenue was allowed in part, remanding the matter back to the Appellate Assistant Commissioner (AAC) for reconsideration of the reasonable cause for the delay in filing the return. The Tribunal upheld the imposition of the penalty under Section 271(1)(a) for the delayed filing, emphasizing that the penalty is applicable regardless of the assessed tax amount being zero. The Tribunal clarified that the penalty ceiling under Section 271(3)(d) should be considered, limiting the penalty to twice the amount of tax sought to be evaded. Case-Laws Income Tax Fri, 21 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64560