1977 (10) TMI 49 - AT - Income Tax

Summary

The ITAT Cochin allowed the appeals, canceling penalties imposed on the assessee for late filing of returns for the assessment years 1973-74 and 1974-75. The Tribunal found reasonable cause for the delay in filing, considering the timing of the firm's returns and pending appeals. The applications for waiver of penalty before the CIT did not impact the Tribunal's decision.