https://www.taxtmi.com/caselaws?id=429790 The Tribunal allowed both appeals, deleting the penalty imposed under section 271F for assessment years 2008-09 and 2009-10. The Tribunal found that the delay in filing the return was justified due to the time-consuming process of obtaining and verifying seized documents. It emphasized that penalties should be based on specific facts of each case and concluded that the assessee had valid reasons for the delay, rendering the penalty invalid. As a result, the penalty imposed by the Assessing Officer and confirmed by the CIT(A) was deleted. en-us Thu, 22 Sep 2022 00:00:00 +0530 Fri, 04 Nov 2022 21:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429790 The Tribunal allowed both appeals, deleting the penalty imposed under section 271F for assessment years 2008-09 and 2009-10. The Tribunal found that the delay in filing the return was justified due to the time-consuming process of obtaining and verifying seized documents. It emphasized that penalties should be based on specific facts of each case and concluded that the assessee had valid reasons for the delay, rendering the penalty invalid. As a result, the penalty imposed by the Assessing Officer and confirmed by the CIT(A) was deleted. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429790