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2023 (3) TMI 342 - ITAT RAJKOTLevy of penalty u/s 271F - not filing return of income within time limit specified in the notice issued u/s 153A - “reasonable cause” for the delay in filing the Returns of income in response to the 153A - HELD THAT:- We address this issue first namely the assessee’s explanation pursuant to the search action u/s. 132 of the Act, various books of accounts, diaries, papers were seized by the Department which were voluminous and pertaining to different group concerns. Checking, cross checking and reconciliation of datas was a very lengthy process. There was considerable delay in furnishing seized documents was also a “reasonable cause” in filing the Returns of Income. Without the above information, the assessee was not able to file the Returns of income within the stipulated time limit of 30 days of the receipt of the notice. Further the assessee also gone to the Settlement Commission, where his application for settlement of the case was admitted on 14.08.2014 is also a valid “reasonable cause”, which prevented the assessee from filing the Returns of income, in response to the 153A notices. On this count, the penalty levied u/s. 271F r.w.s. 273B is legally not valid. Therefore we hereby delete the penalties levied u/s. 271F of the Act. Assessee appeal allowed.
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