https://www.taxtmi.com/caselaws?id=71136 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to cancel the penalty imposed by the Income Tax Officer under section 271(1)(a) of the IT Act, 1961. The firm's delayed filing of the return for the assessment year 1971-72 was deemed justified due to a reasonable cause, as the firm believed in good faith that an extension had been granted based on an unreplied application. The Tribunal dismissed the Department's appeal, emphasizing the firm's genuine belief in the granted extension despite the lack of formal communication from the Income Tax Officer. en-us Fri, 10 Sep 1976 00:00:00 +0530 Thu, 21 Apr 2011 15:31:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71136 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to cancel the penalty imposed by the Income Tax Officer under section 271(1)(a) of the IT Act, 1961. The firm's delayed filing of the return for the assessment year 1971-72 was deemed justified due to a reasonable cause, as the firm believed in good faith that an extension had been granted based on an unreplied application. The Tribunal dismissed the Department's appeal, emphasizing the firm's genuine belief in the granted extension despite the lack of formal communication from the Income Tax Officer. Case-Laws Income Tax Fri, 10 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71136