https://www.taxtmi.com/caselaws?id=71047 The Appellate Tribunal ITAT Patna ruled in favor of a registered firm challenging a penalty under section 271(1)(a) of the IT Act, 1961 for delayed filing of the return for the assessment year 1976-77. The Tribunal found that the firm had a reasonable cause for the delay in filing the return due to discrepancies in the trial balance. It held that the firm demonstrated a valid reason for the delay and canceled the penalty imposed by the Income Tax Officer, ordering a refund if the penalty had been collected. The appeal was allowed in favor of the registered firm. en-us Sat, 07 Mar 1981 00:00:00 +0530 Thu, 21 Apr 2011 11:03:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71047 The Appellate Tribunal ITAT Patna ruled in favor of a registered firm challenging a penalty under section 271(1)(a) of the IT Act, 1961 for delayed filing of the return for the assessment year 1976-77. The Tribunal found that the firm had a reasonable cause for the delay in filing the return due to discrepancies in the trial balance. It held that the firm demonstrated a valid reason for the delay and canceled the penalty imposed by the Income Tax Officer, ordering a refund if the penalty had been collected. The appeal was allowed in favor of the registered firm. Case-Laws Income Tax Sat, 07 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71047