Ignorance that Income Earned from Partnership Liable to Tax not Reasonable Cause for Late Filing of ITR: ITAT Upholds Penalty [Read Order]

By Ipsita Das - On June 21, 2023 9:00 am - 3 mins read

Ignorance - Income Earned - Income Earned from Partnership - Partnership - Income - Liable to Tax - tax - Reasonable Cause for Late Filing - Late Filing - Late Filing of ITR - ITR - ITAT Upholds Penalty - ITAT - Penalty - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that ‘Reasonable Cause’ needs to be substantiated for failure of filing of return in order to claim exemption to penalty under Section 271F of the Income Tax Act 1961 and ignorance that the income earned from the partnership firm is liable to tax is not…

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