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TMI Blog1984 (12) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... partners. The previous year for asst. yrs. 1976-77 and 1977-78 is the Dewali Year and, therefore, for 1976-77, it ended by 2nd Nov., 1975 whereas for asst. yr. 1977-78, it ended by 22nd Oct., 1976. For asst. yr. 1976-77, the IT return was due on 30th June, 1976, whereas for asst. yr. 1977-78, it was due on 30th June, 1977. Further, the IT return for 1976-77 was filed actually on 29th Sept., 1976 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee on 7th Feb., 1979, whereas for 1977-78 it was served on the assessee on 19th March, 1979. Ultimately the assessee filed its explanation on 5th Sept., 1980 for asst. yr. 1976-77 and a similar explanation was filed for 1977-78 also. The explanation put forward was that there was a discrepancy in trial balance and it was not tallying and, thus, the assessee was not able to finalize its account eve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g both sides, we are of the opinion that the penalty should be allowed to stand. The total income assessed for 1976- 77 was Rs. 1,18,090, whereas the total income assessed was Rs. 1,61,070 for asst. yr. 1977-78. The delay was only for two months. For 1977-78, Form No. 6 was already filed. However, its rejection was communicated only on 8th Aug., 1977, whereas the return was filed on 15th Sept., 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee-firm, we hold that there was only a technical or venial breach for which no penalty is called for. There is an Authority of Supreme Court in Hindustan Steel Ltd. vs. State of Orissa (1972) 83 ITR 26 (SC) in support of our stand. 4. In the result, the appeals are allowed and penalty of Rs. 2,152 for 1976-77 and Rs. 2,900 for 1977-78 are knocked off. - - TaxTMI - TMITax - Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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