https://www.taxtmi.com/caselaws?id=260441 The Tribunal allowed the appeal filed by the assessee, setting aside the order of the CIT(A) and directing the AO to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the conditions for invoking Explanation 3 to Section 271(1)(c) were not satisfied, accepting the assessee's explanation for the delay in filing the return as genuine due to financial constraints. Consequently, the penalty was deemed unjustified, and the assessee's appeal was successful. en-us Wed, 20 May 2015 00:00:00 +0530 Thu, 11 Jun 2015 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260441 The Tribunal allowed the appeal filed by the assessee, setting aside the order of the CIT(A) and directing the AO to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the conditions for invoking Explanation 3 to Section 271(1)(c) were not satisfied, accepting the assessee's explanation for the delay in filing the return as genuine due to financial constraints. Consequently, the penalty was deemed unjustified, and the assessee's appeal was successful. Case-Laws Income Tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260441