1975 (1) TMI 40 - AT - Income Tax

Summary

The appeals were against the cancellation of a penalty under s. 271(1)(a) by the AAC. The penalty was imposed on two individuals found in possession of cash. The ITAT upheld the AAC's decision, stating that the individuals had a reasonable cause for not filing the return in time as they believed they were not assessable as a BOI. The appeals were dismissed.