2010 (4) TMI 836

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..... l of the Revenue, for the assessment year 2002-03, is directed against the order of the learned Commissioner of Income-tax (Appeals), dated March 31, 2009. 2. A penalty of Rs. 6,07,600 was levied on the assessee under section 272A(2)(c) of the Income-tax Act, 1961 (hereinafter referred to as "the Act" for short) on account of failure to file Form 52A by due dates. The explanation of the assessee .....

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..... as considerably reduced to Rs. 1,83,000 by taking the period of delay as 1,830 days from October 31, 2002, the due date till October 2002. He has also held that the bona fide belief would definitely constitute reasonable cause in this delay. Now, the Revenue is aggrieved. 3. We have heard both sides. We have also circumspected the entire record available before us. We find that the assessee has g .....

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..... tified with his affidavit and particularly when this explanation could not be countered or confronted by the Department becomes a reasonable cause as envisaged in this section. The facts contained in the assessee's explanation have not been either disputed or rejected by the Department. Therefore, in our opinion, the order of the learned Commissioner of Income-tax (Appeals) is correct. 4. In the .....

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