https://www.taxtmi.com/caselaws?id=189816 Delay in filing the first appellate appeal was treated as supported by reasonable cause because the assessee showed that its accountant had died and the appeal papers remained with him; the limitation objection also lost significance since the matter had been examined on merits. Penalty under section 271(1)(c) was upheld because the assessee failed to substantiate its claim that project income had not accrued, while the record showed completion and occupation of flats supported by municipal completion and occupation certificates. The explanation that the projects were still work in progress was not accepted as bona fide, and the return was found to have contained inaccurate particulars of taxable income. en-us Mon, 14 Sep 2015 00:00:00 +0530 Sat, 21 Jan 2017 17:58:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189816 Delay in filing the first appellate appeal was treated as supported by reasonable cause because the assessee showed that its accountant had died and the appeal papers remained with him; the limitation objection also lost significance since the matter had been examined on merits. Penalty under section 271(1)(c) was upheld because the assessee failed to substantiate its claim that project income had not accrued, while the record showed completion and occupation of flats supported by municipal completion and occupation certificates. The explanation that the projects were still work in progress was not accepted as bona fide, and the return was found to have contained inaccurate particulars of taxable income. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189816