https://www.taxtmi.com/caselaws?id=26935 The court ruled in favor of the assessee, holding that the penalty provision under section 271(1)(a) of the Income-tax Act was not applicable due to the extension of time for filing the return granted by the Income-tax Officer through the charging of interest. The court emphasized that the legal presumption of time extension could not be rebutted by the Revenue, leading to the cancellation of the imposed penalty. This decision aligned with legal principles established in a Supreme Court ruling and contradicted the Tribunal's interpretation of the penalty provisions. en-us Thu, 20 Jun 1985 00:00:00 +0530 Tue, 09 Feb 2010 15:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26935 The court ruled in favor of the assessee, holding that the penalty provision under section 271(1)(a) of the Income-tax Act was not applicable due to the extension of time for filing the return granted by the Income-tax Officer through the charging of interest. The court emphasized that the legal presumption of time extension could not be rebutted by the Revenue, leading to the cancellation of the imposed penalty. This decision aligned with legal principles established in a Supreme Court ruling and contradicted the Tribunal's interpretation of the penalty provisions. Case-Laws Income Tax Thu, 20 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26935