https://www.taxtmi.com/caselaws?id=61408 Late-filing penalties were not exigible where income voluntarily disclosed under the Voluntary Disclosure Act was excluded from the penalty computation and advance tax exceeded the tax due on the remaining income of a registered firm. Reasonable cause for delayed returns was also established because seized books remained with the Department, preventing timely preparation and finalisation of accounts; time spent inspecting, copying and reconciling those records, including copying errors, sufficiently explained the delay. Mens rea was not required; the governing inquiry was whether reasonable cause existed. The penalties therefore remained cancelled. en-us Tue, 26 Apr 1988 00:00:00 +0530 Sun, 06 Feb 2011 03:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61408 Late-filing penalties were not exigible where income voluntarily disclosed under the Voluntary Disclosure Act was excluded from the penalty computation and advance tax exceeded the tax due on the remaining income of a registered firm. Reasonable cause for delayed returns was also established because seized books remained with the Department, preventing timely preparation and finalisation of accounts; time spent inspecting, copying and reconciling those records, including copying errors, sufficiently explained the delay. Mens rea was not required; the governing inquiry was whether reasonable cause existed. The penalties therefore remained cancelled. Case-Laws Income Tax Tue, 26 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61408