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2017 (3) TMI 428 - ITAT MUMBAI

2017 (3) TMI 428 - ITAT MUMBAI - TMI - 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 reasona .....

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dingly assessee should not be visited with 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 .....

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penalty are as under: The return for AY 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 receiv .....

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dly any proof that the assessee received 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 .....

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