https://www.taxtmi.com/caselaws?id=408072 The Tribunal allowed the appeal in favor of the assessee, condoning the delay in filing the appeal and deleting the penalty imposed under Section 272A(2)(e) of the Income Tax Act. The Tribunal emphasized a liberal approach towards condonation of delay when reasons are factually correct and not malafide. It found the assessee's belief that it was not required to file a return under Section 139(4C)(e) due to income exemption valid, leading to the conclusion that the penalty imposition was not justified. en-us Mon, 24 May 2021 00:00:00 +0530 Mon, 31 May 2021 08:35:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408072 The Tribunal allowed the appeal in favor of the assessee, condoning the delay in filing the appeal and deleting the penalty imposed under Section 272A(2)(e) of the Income Tax Act. The Tribunal emphasized a liberal approach towards condonation of delay when reasons are factually correct and not malafide. It found the assessee's belief that it was not required to file a return under Section 139(4C)(e) due to income exemption valid, leading to the conclusion that the penalty imposition was not justified. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408072