https://www.taxtmi.com/caselaws?id=69714 Penalty for delay in filing the return was treated as not exigible where the assessee had a bona fide belief that no taxable income had arisen by the due date under section 139(1). The return was filed voluntarily, the capital gains position had not fully crystallised because acquisition compensation was still pending, and the explanation that further compensation would be assessable on receipt was accepted as reasonable cause. On that basis, the penalty under section 271(1)(a) was held unsustainable and cancelled in favour of the assessee. en-us Fri, 16 Jun 1978 00:00:00 +0530 Mon, 11 Apr 2011 16:54:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69714 Penalty for delay in filing the return was treated as not exigible where the assessee had a bona fide belief that no taxable income had arisen by the due date under section 139(1). The return was filed voluntarily, the capital gains position had not fully crystallised because acquisition compensation was still pending, and the explanation that further compensation would be assessable on receipt was accepted as reasonable cause. On that basis, the penalty under section 271(1)(a) was held unsustainable and cancelled in favour of the assessee. Case-Laws Income Tax Fri, 16 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69714