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TMI Blog2025 (2) TMI 542X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2014, a fact recorded by the AO in its assessment order u/s 143(3)/147 dated 31.03.2022. Assessee filed the return of income as per the provision of the section 139 within the time limit provided under the Act. CIT(A) wrongly held the assessee to be a non filer. We find that as the assessee has filed its Return of Income u/s 139(5) within time prescribed under the Act, the assessee can not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company did not file return of income for the A.Y 2013-14 as per requirement of section 139(1) of the Act. The Assessing Officer held that as the assessee failed to furnish reasonable cause for non filing of its ITR in accordance with the provisions of section 139 of the Act, he has violated the provisions of section 271F and accordingly levied a penalty of Rs 5000/-. 4. Aggrieved, the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld AR stated that the AO has issued the notice dated 31 March, 2021 u/s 148 of the Income Tax Act, 1961, for the year under consideration and re-assessed the income at Rs 13,81,230/-. The ld AR stated that assessing officer subsequently initiated the penalty proceedings u/s 271F on the basis that the assessee, having a taxable income for the year, was required to furnish the return of income as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , are of the view that the CIT(A) wrongly held the assessee to be a non filer. We find that as the assessee has filed its Return of Income u/s 139(5) within time prescribed under the Act, the assessee can not be visited with the mischief of penalty under section 271F. We, therefore, allow the grounds of appeal raised by the assessee and delete the penalty of Rs 5000/-. 10. In the result, the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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