https://www.taxtmi.com/caselaws?id=18540 The court upheld the penalty under section 271(1)(a) for delay in filing the income tax return, amounting to Rs. 35,569 for the assessment year 1977-78. The Tribunal reinstated the penalty, emphasizing the statutory obligation to file the return was not fulfilled, and financial constraints were not a valid reason for the delay. The court dismissed arguments regarding interest payments implying an extension for filing the return, clarifying the automatic levy of interest for delays post the 1970 amendment. Ultimately, the court affirmed the penalty levy, ruling the delay lacked reasonable cause. en-us Mon, 18 Sep 1995 00:00:00 +0530 Thu, 01 Oct 2009 15:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18540 The court upheld the penalty under section 271(1)(a) for delay in filing the income tax return, amounting to Rs. 35,569 for the assessment year 1977-78. The Tribunal reinstated the penalty, emphasizing the statutory obligation to file the return was not fulfilled, and financial constraints were not a valid reason for the delay. The court dismissed arguments regarding interest payments implying an extension for filing the return, clarifying the automatic levy of interest for delays post the 1970 amendment. Ultimately, the court affirmed the penalty levy, ruling the delay lacked reasonable cause. Case-Laws Income Tax Mon, 18 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18540