https://www.taxtmi.com/caselaws?id=55415 Delay in filing a return may be excused where genuine disruption of records prevents timely compliance and the assessee makes bona fide efforts to reconstruct the accounts. The Tribunal found that flood damage had destroyed records, the assessee had sought extensions and informed the department of the difficulty, and it had been actively reconstructing the accounts with no motive to postpone filing. Rejection of the extension request did not, by itself, negate reasonable cause for the whole period of default. On those facts, reasonable cause existed for the entire delay and penalty under section 271(1)(a) was cancelled. en-us Sat, 21 Jan 1984 00:00:00 +0530 Fri, 26 Nov 2010 18:51:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55415 Delay in filing a return may be excused where genuine disruption of records prevents timely compliance and the assessee makes bona fide efforts to reconstruct the accounts. The Tribunal found that flood damage had destroyed records, the assessee had sought extensions and informed the department of the difficulty, and it had been actively reconstructing the accounts with no motive to postpone filing. Rejection of the extension request did not, by itself, negate reasonable cause for the whole period of default. On those facts, reasonable cause existed for the entire delay and penalty under section 271(1)(a) was cancelled. Case-Laws Income Tax Sat, 21 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55415