https://www.taxtmi.com/caselaws?id=65712 The ITAT held that penalty under section 271(1)(A) of the IT Act for delayed filing of income tax return was unjustified. The tribunal emphasized that the penalty cannot be imposed if the time allowed under section 139(1) was available to the assessee. It was deemed that the delay in filing the return due to finalization of accounts and partners' absence was reasonable. The lack of clear findings on the absence of reasonable cause for non-compliance with the notice under section 139(2) led to the cancellation of the penalty. The judgment stresses the necessity of establishing the absence of reasonable grounds for penalty imposition. en-us Fri, 08 Jun 1979 00:00:00 +0530 Fri, 18 Feb 2011 14:29:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65712 The ITAT held that penalty under section 271(1)(A) of the IT Act for delayed filing of income tax return was unjustified. The tribunal emphasized that the penalty cannot be imposed if the time allowed under section 139(1) was available to the assessee. It was deemed that the delay in filing the return due to finalization of accounts and partners' absence was reasonable. The lack of clear findings on the absence of reasonable cause for non-compliance with the notice under section 139(2) led to the cancellation of the penalty. The judgment stresses the necessity of establishing the absence of reasonable grounds for penalty imposition. Case-Laws Income Tax Fri, 08 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65712