1981 (10) TMI 61 - AT - Income Tax

Summary

The appeal was against a penalty of Rs. 2,323 imposed under section 271(1)(a) of the IT Act, 1961 for the assessment year 1971-72. The penalty was cancelled as the delay in filing the return was deemed to be due to a reasonable cause - the non-completion of the firm's accounts. The appeal was allowed. (Case: Appellate Tribunal ITAT CALCUTTA, Citation: 1981 (10) TMI 61 - ITAT CALCUTTA)