https://www.taxtmi.com/caselaws?id=67256 On valid reopening under section 148, reassessment is treated as an assessment for consequential purposes, so failure to furnish the return within the time allowed attracts penalty under section 271(1)(a) unless reasonable cause is shown. The notice under section 148 was properly issued and served, the assessee did not comply within time, and no reasonable cause for the default was established. For quantification, the penalty was held referable to the tax on the assessed income determined in reassessment, not confined to the income alleged to have escaped assessment. The levy was therefore upheld. en-us Fri, 18 Apr 1986 00:00:00 +0530 Wed, 09 Mar 2011 17:41:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67256 On valid reopening under section 148, reassessment is treated as an assessment for consequential purposes, so failure to furnish the return within the time allowed attracts penalty under section 271(1)(a) unless reasonable cause is shown. The notice under section 148 was properly issued and served, the assessee did not comply within time, and no reasonable cause for the default was established. For quantification, the penalty was held referable to the tax on the assessed income determined in reassessment, not confined to the income alleged to have escaped assessment. The levy was therefore upheld. Case-Laws Income Tax Fri, 18 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67256