https://www.taxtmi.com/caselaws?id=59804 Late filing penalty under section 271(1)(a) was found unsustainable where the assessee could not correctly determine share income until the firm completed its accounts and filed its own return. The delay was supported by surrounding facts, including the assessee's prompt filing soon after the firm's return, showing reasonable cause for the default. The absence of an application in the prescribed form was not treated as decisive against the assessee, and the penalty was cancelled. en-us Tue, 20 Oct 1981 00:00:00 +0530 Sat, 01 Jan 2011 12:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59804 Late filing penalty under section 271(1)(a) was found unsustainable where the assessee could not correctly determine share income until the firm completed its accounts and filed its own return. The delay was supported by surrounding facts, including the assessee's prompt filing soon after the firm's return, showing reasonable cause for the default. The absence of an application in the prescribed form was not treated as decisive against the assessee, and the penalty was cancelled. Case-Laws Income Tax Tue, 20 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59804