https://www.taxtmi.com/caselaws?id=11294 Penalty under section 271(1)(c) was held unsustainable where the assessee's delayed return was found bona fide, in light of his illiteracy, the explanation about funds brought from abroad, and the later filing of returns after search. The power to levy penalty is discretionary, and the appellate authority may examine the full factual matrix to decide whether the penalty should be maintained. On the facts recorded, the Tribunal's view that no penalty was leviable disclosed no error of law or jurisdiction, so the cancellation of penalty was upheld against the Revenue. en-us Fri, 28 Mar 2003 00:00:00 +0530 Thu, 06 Aug 2009 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11294 Penalty under section 271(1)(c) was held unsustainable where the assessee's delayed return was found bona fide, in light of his illiteracy, the explanation about funds brought from abroad, and the later filing of returns after search. The power to levy penalty is discretionary, and the appellate authority may examine the full factual matrix to decide whether the penalty should be maintained. On the facts recorded, the Tribunal's view that no penalty was leviable disclosed no error of law or jurisdiction, so the cancellation of penalty was upheld against the Revenue. Case-Laws Income Tax Fri, 28 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11294