9911796707
TMI Blog1990 (11) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Act, 1961, the Tribunal has stated the following question : "Whether, on the facts and in the circumstances of the case the Tribunal was legally justified in cancelling the penalty without recording a finding that there was reasonable cause for the delay in furnishing the return ? The assessee is a firm. It was constituted on April 1, 1968. For the assessment year 1969-70, which was the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in appeal. The Tribunal, on further appeal, set aside the penalty on a reasoning which appears to us to be not in accordance with law. This is all what they said in para 4 : "4. We have considered the rival contentions carefully. In the instant case, no notice under section 139(2) was issued and the assessee had voluntarily filed the return and the return filed by it was found to be quite corre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat it was the first year of the business of the assessee. It may also be that the return filed by him had been accepted but those facts may be relevant on the question of quantum, if any, but in the absence of any explanation whatsoever, the Tribunal was in error in setting aside the penalty. For the above reasons, the question referred is answered in the negative, i.e., in favour of the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
