1979 (7) TMI 122

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..... under s. 271(1) (a) as there was delay in filing of the return of income for the above asst. yr. Which was filed on 30th Oct., 1973. Before the ITO, it was explained that the delay was due to non-finalisation of the accounts for the preceding year. The ITO found the explanation to be unacceptable. Since he was not satisfied with the explanation, a penalty of Rs. 1,369 was imposed. On appeal, the A .....

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..... non-existence of reasonable cause for non-finalisation of accounts for the earlier year. But on this ground alone no penalty under s. 271(1)(a) can be imposed for the next asst. yr. 1972-73 which is before us at present. It is, therefore, urged that the orders of the authorities below cannot be sustained. 4. On behalf of the Revenue the authorised representative relies on the orders of the autho .....

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