1982 (1) TMI 103 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur allowed the appeal of the assessee against a penalty imposed by the ITO for late filing of return for the asst. yr. 1976-77. The Tribunal held that the ITO waived the penal action when the assessment was made u/s 143(1), so there was no justification for initiating penalty proceedings later. The penalty was canceled. (Case citation: 1982 (1) TMI 103 - ITAT Jaipur)