https://www.taxtmi.com/caselaws?id=22961 Penalty for delayed return filing under section 271(1)(a) depends on whether the assessee had reasonable cause for the delay. The Tribunal found that the assessee filed the returns late after a settlement, but genuinely believed his income was below the taxable limit until that settlement. Absence of mens rea was not decisive, yet reasonable cause remained material. On those facts, the assessee's bona fide belief constituted reasonable cause, so deletion of the penalty was upheld. en-us Tue, 27 Nov 1990 00:00:00 +0530 Tue, 15 Dec 2009 15:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22961 Penalty for delayed return filing under section 271(1)(a) depends on whether the assessee had reasonable cause for the delay. The Tribunal found that the assessee filed the returns late after a settlement, but genuinely believed his income was below the taxable limit until that settlement. Absence of mens rea was not decisive, yet reasonable cause remained material. On those facts, the assessee's bona fide belief constituted reasonable cause, so deletion of the penalty was upheld. Case-Laws Income Tax Tue, 27 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22961