1980 (5) TMI 52 - AT - Wealth-tax

Summary

The Revenue appealed against a penalty imposed by the WTO for delayed submission of return for asst. yr. 1974-75. The AAC cancelled the penalty citing reasonable cause for delay. The ITAT Amritsar upheld the AAC's decision, stating that failure to seek extension does not add to the liability. The appeal of the Revenue was dismissed. (Case: Appellate Tribunal ITAT AMRITSAR, Citation: 1980 (5) TMI 52 - ITAT AMRITSAR)