https://www.taxtmi.com/caselaws?id=800728 Penalty for delayed furnishing of a statement of financial transactions requires examination of the statutory reasonable-cause defence under sections 271FA and 273B of the Income-tax Act. Delay alone does not conclusively justify penalty. Where the explanation and supporting evidence for delay have not been considered on their merits, the reporting person must receive a reasonable opportunity to establish reasonable cause before penalty is determined. A dismissal without that adjudication cannot sustain the penalty. en-us Tue, 06 Oct 2026 00:00:00 +0530 Sat, 10 Oct 2026 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800728 Penalty for delayed furnishing of a statement of financial transactions requires examination of the statutory reasonable-cause defence under sections 271FA and 273B of the Income-tax Act. Delay alone does not conclusively justify penalty. Where the explanation and supporting evidence for delay have not been considered on their merits, the reporting person must receive a reasonable opportunity to establish reasonable cause before penalty is determined. A dismissal without that adjudication cannot sustain the penalty. Case-Laws Income Tax Tue, 06 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800728