1987 (7) TMI 151 - AT - Income Tax

Summary

The ITAT Delhi canceled the penalty imposed on an assessee, a commission agent in fruits, for late filing of return under section 271(1)(A) due to lack of reasonable cause and insufficient evidence to support the penalty. The appeal of the assessee was allowed. The penalty was canceled, and there was no room for penalty under section 271(1)(a) of the IT Act.