https://www.taxtmi.com/caselaws?id=278354 The Tribunal partly allowed the appeals concerning the penalty under section 271FA of the Income Tax Act for failure to file Annual Information Returns on time. It considered the reasonable cause for initial delays due to lack of awareness of newly introduced provisions but upheld penalties for subsequent delays. The Tribunal directed the tax authorities to recompute penalties, excluding periods of reasonable cause and overlapping defaults, emphasizing the mandatory nature of filing AIRs and the need for diligence by government bodies. en-us Wed, 30 Oct 2013 00:00:00 +0530 Mon, 28 Jan 2019 13:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278354 The Tribunal partly allowed the appeals concerning the penalty under section 271FA of the Income Tax Act for failure to file Annual Information Returns on time. It considered the reasonable cause for initial delays due to lack of awareness of newly introduced provisions but upheld penalties for subsequent delays. The Tribunal directed the tax authorities to recompute penalties, excluding periods of reasonable cause and overlapping defaults, emphasizing the mandatory nature of filing AIRs and the need for diligence by government bodies. Case-Laws Income Tax Wed, 30 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278354