https://www.taxtmi.com/caselaws?id=456218 The ITAT Bangalore quashed a penalty order under section 272A(2)(e) for delayed filing of income tax return by 851 days for assessment year 2014-15. The assessee filed the return on 31.3.2017 without regular assessment. The penalty proceedings were initiated on 21.12.2020, approximately 45 months after filing. The tribunal held that the penalty order was not passed within reasonable time as required under section 275(1)(c), citing JKD Capital Finlease Ltd. precedent. The appeal was decided in favor of the assessee. en-us Tue, 05 Dec 2023 00:00:00 +0530 Sun, 07 Jul 2024 17:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456218 The ITAT Bangalore quashed a penalty order under section 272A(2)(e) for delayed filing of income tax return by 851 days for assessment year 2014-15. The assessee filed the return on 31.3.2017 without regular assessment. The penalty proceedings were initiated on 21.12.2020, approximately 45 months after filing. The tribunal held that the penalty order was not passed within reasonable time as required under section 275(1)(c), citing JKD Capital Finlease Ltd. precedent. The appeal was decided in favor of the assessee. Case-Laws Income Tax Tue, 05 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456218