1977 (10) TMI 51 - AT - Income Tax

Summary

The appeals relate to penalties under section 271(1)(a) for the assessment years 1973-74 and 1974-75. The explanation for the delay was incomplete accounts from the earlier year. Penalty for 1973-74 reduced to eight months, while penalty for 1974-75 was cancelled. The appeal for 1973-74 is partly allowed, and for 1974-75 fully allowed.