ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]

By Namaskar Acharya - On October 4, 2023 10:00 am - 2 mins read
ITAT deletes Penalty - assessee being able - establish reasonable cause behind - failure deserves -taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee clearly deserves to be considered under Section 274 where in it is provided that if assessee is able to establish the reasonable cause. The assessee company filed its return of income on 30.09.2007 declaring NIL income. The case of assessee was…

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