https://www.taxtmi.com/caselaws?id=799517 Section 270A(6)(a) excludes income from under-reporting where a bona fide explanation is supported by full disclosure of material facts. Uploaded audited accounts and tax audit report, pre-notice tax payments, and acceptance of returned income supported cancellation of the penalty under Section 270A(3). Section 273B also protects a taxpayer from penalty for delayed furnishing of a tax audit report where reasonable cause is established. Pandemic-related disruption and director disputes delaying finalisation of accounts, followed by report upload and no prejudice to assessment, treated the delay as a technical breach and precluded penalty under Section 271B. en-us Thu, 10 Sep 2026 00:00:00 +0530 Wed, 23 Sep 2026 08:48:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799517 Section 270A(6)(a) excludes income from under-reporting where a bona fide explanation is supported by full disclosure of material facts. Uploaded audited accounts and tax audit report, pre-notice tax payments, and acceptance of returned income supported cancellation of the penalty under Section 270A(3). Section 273B also protects a taxpayer from penalty for delayed furnishing of a tax audit report where reasonable cause is established. Pandemic-related disruption and director disputes delaying finalisation of accounts, followed by report upload and no prejudice to assessment, treated the delay as a technical breach and precluded penalty under Section 271B. Case-Laws Income Tax Thu, 10 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799517