https://www.taxtmi.com/caselaws?id=468869 Penalty under section 271(1)(c) is examined by reference to the original obligation to file a return under section 139(1). Where an assessee had taxable income but failed to furnish the return within time, Explanation 3 applies and the default is not cured by filing a return later in response to notice under section 148. The subsequent reassessment return does not undo the earlier omission for that assessment year. On that basis, the penalty was held to be correctly sustained against the assessee. en-us Mon, 10 Feb 2025 00:00:00 +0530 Sat, 23 May 2026 12:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468869 Penalty under section 271(1)(c) is examined by reference to the original obligation to file a return under section 139(1). Where an assessee had taxable income but failed to furnish the return within time, Explanation 3 applies and the default is not cured by filing a return later in response to notice under section 148. The subsequent reassessment return does not undo the earlier omission for that assessment year. On that basis, the penalty was held to be correctly sustained against the assessee. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468869