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Kripa Shanakar Singh Versus ITO Cir 21 (1) (2). Mumbai

Penalty 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 fo .....

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ith the regour penalty u/s. 271(F) of I.T. Act. - Decided in favour of assessee - ITA No. 4146Mum./2013 - Dated:- 3-3-2017 - Shri Shamim Yahya, Accountant Member And Shri Ravish Sood, Judicial Member Assessee by : Shri. Mani Jain Revenue by : Shri. Rajesh Kumar Yadav ORDER Per Shamim Yahya This appeal by the assessee is directed against order of CIT-A dated 03.09.2014 and pertains to assessment year 2006-07. 2. The grounds of appeal read as under: 1. On the facts and circumstances of the appella .....

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Y 2006-07 was filed on 25/2/2010 declaring income of ₹ 12,82,510 and the assessment u/s 143(3) was completed at total income of ₹ 17,89,110/-. The AO had issued the show cause notice u/s. 271F as the assessee had filed the return beyond the time permitted u/s. 139(4). In response to the show cause notice dated 21/3/2011 u/s 271F issued by the AO, the assessee replied vide letter dated 6/4/2011 that it was under bonafide belief that amount received towards goodwill at the time of reti .....

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d amounts from partnership firms. That the ignorance of law is cannot be accepted as excuse to file return with such inordinate delay. Accordingly, he levied the penalty u/s. 271F@ ₹ 5,000/-. 4. Upon assessee s appeal Ld. CIT-A noted the following submissions of the assessee as under: Before me the Ld.AR has reiterated the same argument that the assessee being MLA, the salary & allowance received were exempt u/s 10 and it was under bonafide belief that the receipt towards goodwill from .....

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