https://www.taxtmi.com/caselaws?id=57131 The Appellate Tribunal ITAT Amritsar ruled in favor of the assessee in an appeal against a penalty imposed for late filing of the return under section 271(1)(a) of the Income Tax Act, 1961. The Tribunal found that the assessee's belief that their income was below the taxable limit was reasonable, especially considering the endorsement made on the return, which did not constitute an absolute admission of the income accrued. Citing a similar case, the Tribunal held that the endorsement to add a certain amount to the assessed income did not equate to definite income for penalty purposes. Consequently, the appeal was allowed, and the penalty was set aside. en-us Mon, 21 Jan 1980 00:00:00 +0530 Wed, 08 Dec 2010 15:35:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57131 The Appellate Tribunal ITAT Amritsar ruled in favor of the assessee in an appeal against a penalty imposed for late filing of the return under section 271(1)(a) of the Income Tax Act, 1961. The Tribunal found that the assessee's belief that their income was below the taxable limit was reasonable, especially considering the endorsement made on the return, which did not constitute an absolute admission of the income accrued. Citing a similar case, the Tribunal held that the endorsement to add a certain amount to the assessed income did not equate to definite income for penalty purposes. Consequently, the appeal was allowed, and the penalty was set aside. Case-Laws Income Tax Mon, 21 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57131