https://www.taxtmi.com/caselaws?id=12250 Penalty for delayed return filing under section 271(1)(a) is not negated merely because advance tax exceeded assessed tax and the assessment ultimately resulted in a refund. The Gujarat High Court followed its earlier binding rulings and stated that the decisive issue remains whether the assessee had reasonable cause for not filing the return within time. On that principle, refund by itself does not erase exposure to penalty; the Tribunal was wrong to delete the penalty solely on that ground, and the issue was decided in favour of the Revenue. en-us Wed, 17 Jul 2002 00:00:00 +0530 Sat, 20 Feb 2010 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12250 Penalty for delayed return filing under section 271(1)(a) is not negated merely because advance tax exceeded assessed tax and the assessment ultimately resulted in a refund. The Gujarat High Court followed its earlier binding rulings and stated that the decisive issue remains whether the assessee had reasonable cause for not filing the return within time. On that principle, refund by itself does not erase exposure to penalty; the Tribunal was wrong to delete the penalty solely on that ground, and the issue was decided in favour of the Revenue. Case-Laws Income Tax Wed, 17 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12250