1980 (4) TMI 166 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur allowed the appeal by the assessee for asst. yr. 1973-74. The penalty imposed under s. 271(1)(a) of the Act was cancelled as the explanation given by the assessee for the delay in filing the return was considered reasonable and probable. The delay was not deliberate, and no positive material was presented by the Revenue to justify the penalty.