https://www.taxtmi.com/caselaws?id=103106 The appeal was made against the deletion of a penalty under section 271(1)(a) of the Income-tax Act, 1961 by the CIT(A) for late filing of the return. The Tribunal upheld the CIT(A)'s decision, emphasizing the assessee's bona fide belief and sufficient cause for the late filing due to incurring losses. The Tribunal dismissed a subsequent appeal, citing similar facts and contentions to a previous case, highlighting the importance of establishing genuine belief and valid reasons for late filing, with judicial decisions being pivotal in determining penalty liability in such scenarios. en-us Wed, 13 Nov 2002 00:00:00 +0530 Mon, 20 Feb 2012 17:36:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103106 The appeal was made against the deletion of a penalty under section 271(1)(a) of the Income-tax Act, 1961 by the CIT(A) for late filing of the return. The Tribunal upheld the CIT(A)'s decision, emphasizing the assessee's bona fide belief and sufficient cause for the late filing due to incurring losses. The Tribunal dismissed a subsequent appeal, citing similar facts and contentions to a previous case, highlighting the importance of establishing genuine belief and valid reasons for late filing, with judicial decisions being pivotal in determining penalty liability in such scenarios. Case-Laws Income Tax Wed, 13 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103106