https://www.taxtmi.com/caselaws?id=411276 The penalty imposed under section 271F of the Income Tax Act, 1961 for non-filing of the return of income was deleted. The Ld. CIT(A) and Tribunal found that the appellant had shown reasonable cause for the delay in filing the return due to legal disputes with former directors and subsequent tax payments after finalizing accounts. The Tribunal upheld the deletion of penalty for all assessment years in question, emphasizing the importance of providing detailed explanations and evidence to justify delays in filing tax returns and mitigate penalties under the Income Tax Act, 1961. en-us Mon, 09 Aug 2021 00:00:00 +0530 Sat, 21 Aug 2021 08:32:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411276 The penalty imposed under section 271F of the Income Tax Act, 1961 for non-filing of the return of income was deleted. The Ld. CIT(A) and Tribunal found that the appellant had shown reasonable cause for the delay in filing the return due to legal disputes with former directors and subsequent tax payments after finalizing accounts. The Tribunal upheld the deletion of penalty for all assessment years in question, emphasizing the importance of providing detailed explanations and evidence to justify delays in filing tax returns and mitigate penalties under the Income Tax Act, 1961. Case-Laws Income Tax Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411276