https://www.taxtmi.com/caselaws?id=28755 The High Court ruled in favor of the assessee, determining that the penalty order under s. 271(1)(a) of the Income Tax Act was not justified. The Court emphasized that the failure to file the return without reasonable cause must be independently established in penalty proceedings, regardless of assessment findings. It was noted that the assessee had made a bona fide disclosure of income, and the disallowance of the investment in the jeep did not automatically imply lack of bona fides. The Court awarded costs of Rs. 250 to the assessee. en-us Tue, 04 Jan 1983 00:00:00 +0530 Thu, 25 Feb 2010 14:56:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28755 The High Court ruled in favor of the assessee, determining that the penalty order under s. 271(1)(a) of the Income Tax Act was not justified. The Court emphasized that the failure to file the return without reasonable cause must be independently established in penalty proceedings, regardless of assessment findings. It was noted that the assessee had made a bona fide disclosure of income, and the disallowance of the investment in the jeep did not automatically imply lack of bona fides. The Court awarded costs of Rs. 250 to the assessee. Case-Laws Income Tax Tue, 04 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28755