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2017 (3) TMI 428 - ITAT MUMBAIPenalty u/s. 271(F) - non furnishing the return within the due date - reasonable cause as attributed by the assessee in this regard is that assessee was under a bonafide belief that the income/allowance as MLA was exempt u/s. 10(14) and also in view of the earlier case laws where receipt of goodwill from the firm at a time of retirement was not taxable he considered the same exempt - Held that:- Upon careful consideration in our consider opinion the reasonable cause attributed by the assessee for failure to comply with the provision of filing return on due time is reasonable of acceptable. Hence the assessee case false under the sweep of Section 273 B of the I.T. Act. The said section provides that no penalty shall be impossed inter-alia for failure under this section if the assessee proves that there was reasonable cause of the said failure. There was reasonable cause for the failure of the assessee to comply with the provisions of the Act. Accordingly assessee should not be visited with the regour penalty u/s. 271(F) of I.T. Act. - Decided in favour of assessee
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