TMI Blog1977 (6) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... 1971-72, the assessee ought to have filed the return of income on or before the 30th June, 1971, under s. 14(1) of the Act. The notice under s. 14(2) was served on 9th Sept., 1971 and the assessee applied for extension of time on 1st Oct., 1971 stating that the return forms were not available. The assessee had his property valued and obtained a valuer s report on 1st Dec., 1971 and thereafter the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iting of the accounts and the non-availability of the return forms. It was submitted that in the circumstances, the imposition of penalty was arbitrary and should be cancelled. On the other hand, the Revenue relied on the orders of the authorities below. 4. On a careful consideration of the rival submissions, we are of the opinion that the imposition of penalty cannot be sustained. The facts of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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