1984 (1) TMI 127

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..... the assessee filed the return of income on14th Dec., 1976. Since the return of income was delayed by 28th Months, the penalty proceedings under s. 271(1)(a) of the Act were initiated. As the replay filed by the assessee was not convincing, the ITO levied a penalty of Rs. 1,43,685 under s. 271(1)(a). The assessee preferred an appeal to the AAC. Before the AAC, the assessee submitted that the delay .....

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..... a copy of the order dt 13th Feb., 1982 of 'A' Bench of the I.T.A., Delhi-I wherein the Tribunal has held that there was no capital gain on the transfer of agricultural lands in village Nangal Dewat. The Income returned by the assessee excluding the capital gains was only Rs. 4,210 after the order of Tribunal there is no taxable income. 4. We have considered the rival submissions and perused thr .....

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