https://www.taxtmi.com/caselaws?id=39288 The High Court of Orissa upheld the Tribunal's decision to delete the penalty under section 271(1)(a) of the Income-tax Act, despite disagreeing on the legal aspect. The Court found that the delay in filing returns was adequately explained by the assessee due to the significant accounting work required after the return of seized books. Emphasizing that determining a reasonable time for settling accounts is a factual question, the Court concluded that the Tribunal's factual findings justified the deletion of penalties. Each party was directed to bear their own costs. en-us Tue, 16 Sep 1975 00:00:00 +0530 Thu, 15 Apr 2010 12:30:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39288 The High Court of Orissa upheld the Tribunal's decision to delete the penalty under section 271(1)(a) of the Income-tax Act, despite disagreeing on the legal aspect. The Court found that the delay in filing returns was adequately explained by the assessee due to the significant accounting work required after the return of seized books. Emphasizing that determining a reasonable time for settling accounts is a factual question, the Court concluded that the Tribunal's factual findings justified the deletion of penalties. Each party was directed to bear their own costs. Case-Laws Income Tax Tue, 16 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39288