No penalty for the right reason for delay of filing income tax returns | Tribunal judgment says no need to pay penalty for genuine reasoned delay in income tax filing

September 19th, 2010| News.

No penalty for the right reason for delay of filing income tax returns | Tribunal judgment says no need to pay penalty for genuine reasoned delay in income tax filing

Income tax

Income Tax Appeliate Tribunal had made it clear that if there is a genuine reason for the delay in filing the income tax returns, there is no need to pay any penalty. It has informed that if there is a genuine reason for the delay in paying filing the income tax returns by individual or companies there will be no penalty. Open Technologies has approached company tribunal because a penalty of Rs.1 lakh was imposed on them for filing the returns lately. Tribunal has said the above during the proceeding of the case.

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