1985 (8) TMI 122

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..... ). 2. The facts of the case are identical and the point involved also is more or less the same. Accordingly the ld. counsels of both the sides have addressed us in one set. We accordingly consolidate the appeals for disposal by this common order. 3. The ITO in the penalty order noted that there was a delay in filling of the return and after giving adequate opportunity, the assessee simply subm .....

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..... tain day to day accounts. Being dissatisfied with the submission, he imposed penalty for this year also. He levied the penalty @ 2 per cent of the tax payable for every month. 4. The assessee took up the matter before the AAC who considered the submissions and contentions made before him. He was of the view that the defects noted by the ITO was also accepted by the assessee. It was mentioned tha .....

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..... to any reasonable cause. 6. After considering the facts of the case and the rival contentions made by both the side, we are of the view that in the circumstances of the ease as narrated above there was no justification for the imposition of penalty for both the years. The facts of the case did not warrant of penalty. Accordingly, the orders of the authorities below are cancelled. 7. In the res .....

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