1976 (2) TMI 77 - AT - Income Tax

Summary

The appeal challenges the penalty of Rs. 25,079 under s. 271(1)(a) for delay in filing the return for the asst. yr. 1966-67. The assessee's explanation for the delay was accepted due to business decline and personal circumstances. The penalty was cancelled as the delay was deemed reasonable. The appeal was allowed, and the penalty of Rs. 25,079 was cancelled.