https://www.taxtmi.com/caselaws?id=29241 Penalty for belated filing under section 271(1)(a) is not automatic and depends on judicial discretion after considering all relevant circumstances. Where the default is only technical or venial, or results from a bona fide belief that the assessee was not required to file in the prescribed manner, penalty need not follow. On the facts noted, the assessee treated the sale proceeds of land as capital accretion and not taxable income, so the delay in filing was not viewed as a wilful attempt to suppress income. Penalty was therefore held not exigible. en-us Sat, 03 May 1980 00:00:00 +0530 Thu, 11 Mar 2010 15:53:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29241 Penalty for belated filing under section 271(1)(a) is not automatic and depends on judicial discretion after considering all relevant circumstances. Where the default is only technical or venial, or results from a bona fide belief that the assessee was not required to file in the prescribed manner, penalty need not follow. On the facts noted, the assessee treated the sale proceeds of land as capital accretion and not taxable income, so the delay in filing was not viewed as a wilful attempt to suppress income. Penalty was therefore held not exigible. Case-Laws Income Tax Sat, 03 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29241