https://www.taxtmi.com/caselaws?id=65143 Penalty for delayed return filing was held unwarranted where the assessee showed reasonable cause based on a bona fide belief that compensation received on compulsory acquisition of agricultural land was not taxable. The connected proceedings had also treated the underlying capital gain as non-taxable, which supported the explanation and negatived any contumacious conduct. On that basis, penalty under section 271(1)(a) was deleted and the deletion was upheld in favour of the assessee. en-us Thu, 12 Jan 1984 00:00:00 +0530 Sat, 12 Feb 2011 15:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65143 Penalty for delayed return filing was held unwarranted where the assessee showed reasonable cause based on a bona fide belief that compensation received on compulsory acquisition of agricultural land was not taxable. The connected proceedings had also treated the underlying capital gain as non-taxable, which supported the explanation and negatived any contumacious conduct. On that basis, penalty under section 271(1)(a) was deleted and the deletion was upheld in favour of the assessee. Case-Laws Income Tax Thu, 12 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65143