Penalty Confirmed: Assessee Fails to File Return, Income Exceeds Non-Taxable Limit u/s 271F, No Reasonable Cause Given.

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....Penalty u/s 271F - failure to furnish return of income (ITR) - the assessee’s total income without giving effect to the provision of section 54 come to ₹ 9,37,280/- which exceeds the maximum amount not chargeable to tax. The assessee was therefore required to furnish his return of income and in absence of any reasonable cause shown by the assessee for such failure to file his return of income, the penalty u/s 271F is hereby confirmed. - AT....