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1976 (6) TMI 55 - AT - Income TaxExtract: .......nt tax thereon is Rs. 918.09. In our view, penalty at 5 per cent thereon will be reasonable. Hence penalty (rounded off to nearest rupees) for assessment year will be Rs. 706 for 1967-68 and Rs. 459 for 1969-70. Hence reduction in penalty will be Rs. 3319 for 1967-68 and Rs. 3,370 for asst. yr. 1970. 9. In the result the appeals are partly allowed.
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