https://www.taxtmi.com/caselaws?id=339925 The Tribunal allowed the appeal by the assessee, setting aside the CIT-A's order confirming a penalty of Rs. 5,000 under section 271F of the Income Tax Act, 1961. The Tribunal held that the delay in filing the return was justified due to the assessee's bonafide belief that certain income was exempt, supported by previous case laws. Citing section 273B of the Income Tax Act, the Tribunal ruled that no penalty should be imposed if there was a reasonable cause for non-compliance. Consequently, the penalty was deemed unjustified, and the Tribunal ruled in favor of the assessee, deleting the penalty. en-us Fri, 03 Mar 2017 00:00:00 +0530 Fri, 10 Mar 2017 06:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339925 The Tribunal allowed the appeal by the assessee, setting aside the CIT-A's order confirming a penalty of Rs. 5,000 under section 271F of the Income Tax Act, 1961. The Tribunal held that the delay in filing the return was justified due to the assessee's bonafide belief that certain income was exempt, supported by previous case laws. Citing section 273B of the Income Tax Act, the Tribunal ruled that no penalty should be imposed if there was a reasonable cause for non-compliance. Consequently, the penalty was deemed unjustified, and the Tribunal ruled in favor of the assessee, deleting the penalty. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339925