1977 (10) TMI 49

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..... IT Act, 1961 were due on 31st July, 1973 for the asst. yr. 1973-74 and 31st July, 1974 for the asst. yr. 1974-75. No notice under s. 139(2) was issued. There were also no applications for extension of time. The two returns were furnished only on 15th Feb., 1975. The explanation of the assessee before the ITO and the AAC was that the firm's returns could not be finalised till then and hence the del .....

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..... ding before us. So in a case where there is reasonable cause also penalty need not have been imposed on the assessee particularly in the light of the principles contained in the Supreme Court decision in Hindustan Steel Ltd. 3. We are told that after the appellant order was passed the assessee had for these two years moved the CIT not by way of revision but for waiver of penalty and that these a .....

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