https://www.taxtmi.com/caselaws?id=65740 Penalty for late filing of a return was held unsustainable where the assessee gave an explanation that the relevant accounts had not been finalised. The penalty order contained no material showing that the delay was without reasonable cause, and discussion of difficulties relating to an earlier year did not displace the explanation for the year in question. In penalty proceedings, reasonable cause must be negatived on relevant material; absent that, the penalty cannot stand and was cancelled in favour of the assessee. en-us Sat, 21 Jul 1979 00:00:00 +0530 Fri, 18 Feb 2011 15:21:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65740 Penalty for late filing of a return was held unsustainable where the assessee gave an explanation that the relevant accounts had not been finalised. The penalty order contained no material showing that the delay was without reasonable cause, and discussion of difficulties relating to an earlier year did not displace the explanation for the year in question. In penalty proceedings, reasonable cause must be negatived on relevant material; absent that, the penalty cannot stand and was cancelled in favour of the assessee. Case-Laws Income Tax Sat, 21 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65740