https://www.taxtmi.com/caselaws?id=103408 Reasonable cause and bona fide belief can defeat penalty where non-filing of a return and alleged concealment are not shown to involve deliberate or wilful disregard of law. The assessee attributed the default to family circumstances and to a genuine belief that capital gains were not taxable on the sale of gold ornaments obtained on maturity of National Defence Gold Bonds. ITAT Ahmedabad accepted that explanation as sufficient reasonable cause and held that the penalty provisions could not be sustained on those facts. The penalties under sections 271(1)(a) and 271(1)(c) were cancelled. en-us Tue, 15 Jan 2002 00:00:00 +0530 Wed, 22 Feb 2012 17:07:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103408 Reasonable cause and bona fide belief can defeat penalty where non-filing of a return and alleged concealment are not shown to involve deliberate or wilful disregard of law. The assessee attributed the default to family circumstances and to a genuine belief that capital gains were not taxable on the sale of gold ornaments obtained on maturity of National Defence Gold Bonds. ITAT Ahmedabad accepted that explanation as sufficient reasonable cause and held that the penalty provisions could not be sustained on those facts. The penalties under sections 271(1)(a) and 271(1)(c) were cancelled. Case-Laws Income Tax Tue, 15 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103408