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2022 (7) TMI 1002 - AT - Income TaxPenalty levied u/s 271F - assessee had failed to furnish return of income within due time as prescribed under the provisions of Section 139(1) - HELD THAT:- As Before us, assessee vehemently submitted that the assessee was under bonafide belief that he is not having taxable income, therefore is not liable to file return of income. AR also submitted that subsequently, the assessee under legal advice, filed return of income, though it was filed belatedly. Thus, from the submission of assessee, we find that the assessee has a reasonable cause for not filing the return of income on the pretext that he is not having taxable income. AO has not brought on record that the assessee is habitual in filing return belatedly. We find that the assessee has shown reasonable cause for not filing the return of income before due date of return. Therefore, we direct the Assessing Officer to delete the penalty levied under Section 271F - Accordingly, the grounds raised by the assessee are allowed.
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