https://www.taxtmi.com/caselaws?id=407023 The High Court dismissed the appeals challenging the penalty under Section 271(1)(c) for assessment years 1999-2000, 2000-2001, and 2001-2002. The Court upheld the Income Tax Appellate Tribunal's decision, ruling that the amended Explanation 3 applied retrospectively and that the appellant failed to provide reasonable cause for late submission of returns. The Tribunal's findings regarding non-compliance with filing deadlines and the Assessing Officer's satisfaction with taxable income were key factors in confirming the penalty. The Court emphasized the specific conditions of Explanation 3 and rejected the appellant's arguments, ultimately affirming the penalty imposition. en-us Mon, 26 Apr 2021 00:00:00 +0530 Wed, 04 Aug 2021 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407023 The High Court dismissed the appeals challenging the penalty under Section 271(1)(c) for assessment years 1999-2000, 2000-2001, and 2001-2002. The Court upheld the Income Tax Appellate Tribunal's decision, ruling that the amended Explanation 3 applied retrospectively and that the appellant failed to provide reasonable cause for late submission of returns. The Tribunal's findings regarding non-compliance with filing deadlines and the Assessing Officer's satisfaction with taxable income were key factors in confirming the penalty. The Court emphasized the specific conditions of Explanation 3 and rejected the appellant's arguments, ultimately affirming the penalty imposition. Case-Laws Income Tax Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407023