https://www.taxtmi.com/caselaws?id=70529 Penalty for belated filing was not warranted where the return was delayed because the assessee could not finalise accounts until confirmation letters and statements were received from outstation consignees concerning commission, brokerage and related consignment expenses. The short delay, the assessee's request for extension, absence of any material showing deliberate withholding of tax, and payment of tax as demanded supported a finding of bona fide and reasonable cause. On that basis, the Tribunal treated the default as explained rather than contumacious, and held that the penalty was not sustainable. en-us Wed, 21 Dec 1977 00:00:00 +0530 Sat, 16 Apr 2011 16:08:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70529 Penalty for belated filing was not warranted where the return was delayed because the assessee could not finalise accounts until confirmation letters and statements were received from outstation consignees concerning commission, brokerage and related consignment expenses. The short delay, the assessee's request for extension, absence of any material showing deliberate withholding of tax, and payment of tax as demanded supported a finding of bona fide and reasonable cause. On that basis, the Tribunal treated the default as explained rather than contumacious, and held that the penalty was not sustainable. Case-Laws Income Tax Wed, 21 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70529