https://www.taxtmi.com/caselaws?id=765128 BHC ruled in favor of Appellant, setting aside penalty under Section 271B of Income Tax Act. The Court found genuine cause for delay due to authority raids and seizure of documents. Considering similar precedents involving sister concerns and no revenue loss, the Court exercised discretion to waive penalty, emphasizing the quality of cause shown over delay duration. en-us Thu, 23 Jan 2025 00:00:00 +0530 Tue, 10 Jun 2025 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765128 BHC ruled in favor of Appellant, setting aside penalty under Section 271B of Income Tax Act. The Court found genuine cause for delay due to authority raids and seizure of documents. Considering similar precedents involving sister concerns and no revenue loss, the Court exercised discretion to waive penalty, emphasizing the quality of cause shown over delay duration. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765128