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2016 (11) TMI 659 - AT - Income TaxLevying penalty u/s. 271F - delay in filing the return of the assessee i.e. beyond the stipulated period mentioned in the notice issued u/s. 153C - Held that:- In this case the assessee filed returns belatedly and there is reasonable cause in filing the return in time stating that there were 8 assessees in its group and total 55 search assessments were in progress and the returns of the entire group were also required to be filed and therefore there is little delay in filing the returns. Also that Chairman/Chief Promoter of the group was unwell/sick and was not attending to the business regularly and he was hospitalized twice and further the record does not show that assessee has acted either deliberately in defiance of law or was guilty of conduct contumacious or dishonest or acted in conscious disregard of its obligation. In the circumstances, we hold that assessee was prevented with reasonable cause in filing the returns and there is no deliberate attempt to file the returns belatedly. Thus, we delete the penalty levied u/s. 271F of the Act. - Decided in favour of assessee
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