https://www.taxtmi.com/caselaws?id=71789 The Tribunal dismissed the appeals against the AAC Solapur's orders confirming penalty imposition by the ITO under section 271(1)(a) for the assessment years 1979-80 and 1981-82. The penalty was upheld due to the absence of a reasonable cause for the delay in filing returns, emphasizing adherence to quantification of penalty as per the Income Tax Act provisions and objectives. The decision highlighted the deterrent nature of penalties to prevent tax evasion, even when no basic tax liability exists. en-us Mon, 05 May 1986 00:00:00 +0530 Wed, 27 Apr 2011 11:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71789 The Tribunal dismissed the appeals against the AAC Solapur's orders confirming penalty imposition by the ITO under section 271(1)(a) for the assessment years 1979-80 and 1981-82. The penalty was upheld due to the absence of a reasonable cause for the delay in filing returns, emphasizing adherence to quantification of penalty as per the Income Tax Act provisions and objectives. The decision highlighted the deterrent nature of penalties to prevent tax evasion, even when no basic tax liability exists. Case-Laws Income Tax Mon, 05 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71789