https://www.taxtmi.com/caselaws?id=247151 The Tribunal allowed the appeal by condoning the delay in filing, based on the appellant's reasonable cause. The Tribunal directed the application of a net profit rate for tax calculation, resulting in a partial allowance of the appeal concerning taxability of income. The penalty under section 271G was deleted due to the appellant's reasonable cause and lack of contrary evidence, allowing the appeal against the penalty levy. The Tribunal's decisions on these issues impacted the appellant's tax liabilities and penalties, ensuring a fair outcome based on the presented circumstances. en-us Fri, 10 Jan 2014 00:00:00 +0530 Sat, 03 May 2014 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247151 The Tribunal allowed the appeal by condoning the delay in filing, based on the appellant's reasonable cause. The Tribunal directed the application of a net profit rate for tax calculation, resulting in a partial allowance of the appeal concerning taxability of income. The penalty under section 271G was deleted due to the appellant's reasonable cause and lack of contrary evidence, allowing the appeal against the penalty levy. The Tribunal's decisions on these issues impacted the appellant's tax liabilities and penalties, ensuring a fair outcome based on the presented circumstances. Case-Laws Income Tax Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247151