https://www.taxtmi.com/highlights?id=57480 Penalty u/s 271AAB - the assessee did not have any option to keep the return pending anymore and wait for the department to provide copy of statements. Had the assessee not done so, the time limit prescribed u/s 139(4) would also have expired. - penalty u/s 271AAB is not mandatory but discretionary - Since due taxes have already been paid by assessee within the stipulated time thus delay in filing the return for the reasons beyond the control of the assessee constitute ‘reasonable cause’ - AT en-us Mon, 05 Apr 2021 11:36:24 +0530 Mon, 05 Apr 2021 11:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57480 Penalty u/s 271AAB - the assessee did not have any option to keep the return pending anymore and wait for the department to provide copy of statements. Had the assessee not done so, the time limit prescribed u/s 139(4) would also have expired. - penalty u/s 271AAB is not mandatory but discretionary - Since due taxes have already been paid by assessee within the stipulated time thus delay in filing the return for the reasons beyond the control of the assessee constitute ‘reasonable cause’ - AT Highlights Income Tax Mon, 05 Apr 2021 11:36:24 +0530 https://www.taxtmi.com/highlights?id=57480