1979 (1) TMI 136 - AT - Income Tax

Summary

The appeals were against penalties imposed under section 271(1)(a) of the IT Act, 1961 for late filing of returns. The firm claimed delay due to inexperience and Accountant's failure. Authorities rejected the explanation without evidence. Tribunal held the penalties were not warranted, as the explanation was not disproved by the Revenue. Penalties imposed were canceled. Appeals allowed.