2001 (7) TMI 95

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..... ent years 1989-90 and 1990-91. Penalty proceedings were initiated against the respondent-assessee for failure to get the accounts audited and to file the return in time. The penalty was imposed. Aggrieved by the order, the assessee had filed an appeal. It was dismissed by the Commissioner of Income-tax (Appeals). However, the challenge to the order was accepted by the Income-tax Appellate Tribunal .....

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..... urther, the assessee's explanation with regard to the delay in filing of the return has been accepted by the Tribunal. It has been found that the accountant was sick and, thus, the delay had occurred. In view of these facts, the Tribunal has rightly come to the conclusion that no ground for imposition of penalty was made out. In view of the decision of the Division Bench in I. T. A. No. 59 of 1 .....

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