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TMI Blog2017 (3) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... 273 B of the I.T. Act. The said section provides that no penalty shall be impossed inter-alia for failure under this section if the assessee proves that there was reasonable cause of the said failure. There was reasonable cause for the failure of the assessee to comply with the provisions of the Act. Accordingly 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation/capital a/c with firms etc. were not mentioned in the return filed for any years. That there is hardly 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 that the receipt towards goodwill from the firm at the time of retirement was not taxable in view of the decisions in case of 115 ITR 95(Bom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply with the provision of filing return on due time is reasonable of acceptable. Hence the assessee case false under the sweep of Section 273 B of the I.T. Act. The said section provides that no penalty shall be impossed inter-alia for failure under this section if the assessee proves that there was reasonable cause of the said failure. In the facts and circumstances of this case referred here in above in our consider opinion there was reasonable cause for the failure of the assessee to comply with the provisions of the Act. Accordingly assessee should not be visited with the regour penalty u/s. 271(F) of I.T. Act. 7. Accordingly, we set aside the orders of Ld. CIT-A and delete the penalty. In the result this appeal by the assessee st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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