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TMI Blog1982 (2) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... als is whether the default of the firm to finalise its account and file the return late would constitute a reasonable and sufficient ground for non-filing of the return in time in the hands of the partners. 2. The assessees in each of the above cases are partners deriving share income therefrom. For the relevant assessment years the firm in which the assessees are partners could not finalise the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the return in time deliberately or negligently. He appears to have been prevented by reasonable cause from making compliance with the provisions of law. In view of the above, there appears to have been prevented by reasonable cause from making compliance with the provisions of law. In view of the above, there appears to be no justification for imposing the penalty which according to the decision o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of the AAC. In view of the Supreme Court decision in 83 ITR 26 in the case of M/s. Hindustan Steels relied upon by the AAC and that of the Mysore High Court in M/s. Venkateshwara Power Rolling Mills vs. CIT (1974) 97 ITR 168 (Mys), no interference is called for in the matter as the default of the firm constituted reasonable cause for delay in the hands of the partners. The default in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the share income, it would constitute a reasonable cause as held in M/s Venkateshwara Power Rolling Mills. The assessee in the present case did not delay in filing of the return after receipt of their respective share income from the firm. As such, the AAC is quite justified in cancelling the penalties which we uphold. 5. In the result, the appeals are dismissed. - - TaxTMI - TMITax - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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