https://www.taxtmi.com/caselaws?id=69873 Penalty for delay in filing a gift-tax return under the Gift-tax Act was sustainable only where the delay was without reasonable cause. The assessee's bona fide belief that the transaction was a loan, supported by the account entry describing it as a loan and the surrounding circumstances, provided a reasonable basis for treating the return as not deliberately delayed. The fact that the return was filed on advice and that the departmental notice came later did not negate the honest belief. The penalty was therefore held not sustainable and was cancelled. en-us Sat, 11 Mar 1989 00:00:00 +0530 Tue, 12 Apr 2011 15:13:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69873 Penalty for delay in filing a gift-tax return under the Gift-tax Act was sustainable only where the delay was without reasonable cause. The assessee's bona fide belief that the transaction was a loan, supported by the account entry describing it as a loan and the surrounding circumstances, provided a reasonable basis for treating the return as not deliberately delayed. The fact that the return was filed on advice and that the departmental notice came later did not negate the honest belief. The penalty was therefore held not sustainable and was cancelled. Case-Laws Income Tax Sat, 11 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69873