https://www.taxtmi.com/caselaws?id=61112 The Appellate Tribunal canceled penalties imposed under s. 271(1)(a) for delayed filing of returns for asst. yrs. 1970-71 and 1971-72. The Tribunal found the assessee's genuine belief regarding tax liability as the reason for the delay, emphasizing lack of intentional non-compliance. Despite Revenue's opposition, the Tribunal ruled in favor of the assessee, revoking the penalties. The judgment underscored that penalties should be for conscious violations of the law, which was not evident in this case. The Tribunal's decision was based on the assessee's bona fide belief and absence of deliberate non-compliance with tax regulations. en-us Thu, 11 Jan 1979 00:00:00 +0530 Mon, 10 Jan 2011 18:32:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61112 The Appellate Tribunal canceled penalties imposed under s. 271(1)(a) for delayed filing of returns for asst. yrs. 1970-71 and 1971-72. The Tribunal found the assessee's genuine belief regarding tax liability as the reason for the delay, emphasizing lack of intentional non-compliance. Despite Revenue's opposition, the Tribunal ruled in favor of the assessee, revoking the penalties. The judgment underscored that penalties should be for conscious violations of the law, which was not evident in this case. The Tribunal's decision was based on the assessee's bona fide belief and absence of deliberate non-compliance with tax regulations. Case-Laws Income Tax Thu, 11 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61112