https://www.taxtmi.com/caselaws?id=39687 The High Court considered whether the Appellate Tribunal was justified in reducing penalties for income concealment from 50% to 30% due to mitigating circumstances involving profit transfer. The Tribunal's decision to hold the assessee had a reasonable cause for late filing was upheld, as the initial return was accepted by the department, leading to a belief it was valid. The Tribunal's determination that the delay in filing was only one month, not four, was supported by the assessee's reasonable cause for not furnishing the return earlier. The Court directed the Tribunal to refer penalty and delay questions but not the reasonable cause issue. en-us Wed, 03 Apr 1974 00:00:00 +0530 Mon, 19 Apr 2010 16:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39687 The High Court considered whether the Appellate Tribunal was justified in reducing penalties for income concealment from 50% to 30% due to mitigating circumstances involving profit transfer. The Tribunal's decision to hold the assessee had a reasonable cause for late filing was upheld, as the initial return was accepted by the department, leading to a belief it was valid. The Tribunal's determination that the delay in filing was only one month, not four, was supported by the assessee's reasonable cause for not furnishing the return earlier. The Court directed the Tribunal to refer penalty and delay questions but not the reasonable cause issue. Case-Laws Income Tax Wed, 03 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39687