https://www.taxtmi.com/caselaws?id=202952 Penalty under section 272A(2)(e) applies only where a return was required under section 139(4A), and section 273B protects an assessee that shows reasonable cause. The assessee claimed a bona fide belief that section 139(4A) did not apply because its income was exempt under section 10(23C)(iiiab) and it was substantially financed by the Government. The statutory scheme was read as not extending section 139(4A) to that class of institutions in the manner urged by the Revenue, and the belief was treated as bona fide and reasonable. The penalty was therefore not justified and was deleted. en-us Tue, 31 Aug 2010 00:00:00 +0530 Mon, 27 Aug 2012 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202952 Penalty under section 272A(2)(e) applies only where a return was required under section 139(4A), and section 273B protects an assessee that shows reasonable cause. The assessee claimed a bona fide belief that section 139(4A) did not apply because its income was exempt under section 10(23C)(iiiab) and it was substantially financed by the Government. The statutory scheme was read as not extending section 139(4A) to that class of institutions in the manner urged by the Revenue, and the belief was treated as bona fide and reasonable. The penalty was therefore not justified and was deleted. Case-Laws Income Tax Tue, 31 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202952