1975 (1) TMI 40

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..... er s. 271(1)(a). 2. Shri C.P. Moidu and Shri P. Abdulla were found in possession of more than Rs. 6 lakhs in cash in a jeep in which they were travelling. The Central Excise authorities seized this amount and kept it in custody with them pending enquiries. The ITO coming to know of the seizure started investigation and made assessment on these two persons in the status of BOI. After completing t .....

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..... ther the assessee had reasonable cause for not filing the return in time. These two persons contend that they do not form a BOI and therefore, there is no liability on them to file a return as a BOI. Their belief that they are not assessable as a BOI would itself constitute reasonable cause for not filing the return in time. We will therefore uphold the AAC's order cancelling the penalty. 4. The .....

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