9911796707
TMI Blog1986 (11) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. From the order passed by the ITO under s. 271(1)(a) it is seen that the assessee filed a return of income on9th Feb., 1976when it was due on31st July, 1974after a delay of 28 months. The assessment was completed on a total income of Rs. 95,674, which was later on reduced in appeal to Rs. 5,441 consulting in a demand of Rs. 45,434. For the delay in the filing of the return a notice was issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ewat and that the taxability of capital gains on the compulsory acquisition of those agricultural lands was still a moot point. It was further submitted in the case of another assessee Shri Narain Singh of the same village, the Tribunal held that the capital gains tax was not leviable in respect of such lands. It was further pointed out that the ITO ought to have given a finding in the penalty ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e AAC that the present appeal was filed. 4. During the course of arguments before us, it was brought to our notice that the order of the AAC in the case of Shri Bal Ram had come up for consideration before the Tribunal at the instance of the ITO Distt. VII(3) and the Delhi Bench `E' of the Tribunal by its order in ITA No. 46 of 1983 cancelled the penalty. Relying upon this order, it was submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le to tax on his transfer of agricultural lands in the samevillageofNangal Dewat. The delay in the filing of Income-tax return is with reasonable cause. Further, the Tribunal also vide its order dt.13th Dec., 1982deleted the capital gains from assessed income. On these facts and circumstances of the case, we hold that the levy of penalty is not justified. We confirm the action of the AAC in deleti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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