https://www.taxtmi.com/caselaws?id=312968 The ITAT Ahmedabad ruled in favor of the assessee regarding penalty under section 271(1)(c) for non-filing of return despite having taxable interest income. The assessee believed bona fide that filing wasn't required since tax was deducted at source. The tribunal held that when an assessee demonstrates reasonable cause for non-filing, penalty cannot be imposed. Since the assessee's belief was a genuine mistake and the tax department was aware of the income through TDS, penalty was not justified. en-us Fri, 25 Feb 2022 00:00:00 +0530 Sat, 16 Mar 2024 19:40:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312968 The ITAT Ahmedabad ruled in favor of the assessee regarding penalty under section 271(1)(c) for non-filing of return despite having taxable interest income. The assessee believed bona fide that filing wasn't required since tax was deducted at source. The tribunal held that when an assessee demonstrates reasonable cause for non-filing, penalty cannot be imposed. Since the assessee's belief was a genuine mistake and the tax department was aware of the income through TDS, penalty was not justified. Case-Laws Income Tax Fri, 25 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312968