https://www.taxtmi.com/caselaws?id=39533 An assessee whose only income was share income from a registered firm showed sufficient cause for delayed filing where the firm had not finalised its accounts or determined its profits in time, so the partner could not ascertain the correct taxable income before the return due date. On those facts, the delay was attributable to a genuine inability to quantify income, and penalty for late filing under section 271(1)(a) of the Income-tax Act, 1961 was not sustainable. The Tribunal's cancellation of penalty was upheld. en-us Mon, 25 Aug 1975 00:00:00 +0530 Sat, 17 Apr 2010 11:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39533 An assessee whose only income was share income from a registered firm showed sufficient cause for delayed filing where the firm had not finalised its accounts or determined its profits in time, so the partner could not ascertain the correct taxable income before the return due date. On those facts, the delay was attributable to a genuine inability to quantify income, and penalty for late filing under section 271(1)(a) of the Income-tax Act, 1961 was not sustainable. The Tribunal's cancellation of penalty was upheld. Case-Laws Income Tax Mon, 25 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39533