https://www.taxtmi.com/caselaws?id=23703 The High Court ruled in favor of the Revenue, upholding the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961. The Court found that the assessee's belief that its income was below the taxable limit was not a reasonable cause for the delay in filing the return. Additionally, the Court confirmed that the assessee was obligated to file the return under section 139(2) despite its belief of having a non-taxable income. The judgment underscored the importance of complying with statutory requirements and the necessity for the assessee to demonstrate reasonable cause for any delay in filing returns. en-us Wed, 03 May 1989 00:00:00 +0530 Wed, 23 Dec 2009 15:59:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23703 The High Court ruled in favor of the Revenue, upholding the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961. The Court found that the assessee's belief that its income was below the taxable limit was not a reasonable cause for the delay in filing the return. Additionally, the Court confirmed that the assessee was obligated to file the return under section 139(2) despite its belief of having a non-taxable income. The judgment underscored the importance of complying with statutory requirements and the necessity for the assessee to demonstrate reasonable cause for any delay in filing returns. Case-Laws Income Tax Wed, 03 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23703