1998 (12) TMI 75

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..... x confirming the order of the Assessing Officer levying penalty under section 271(1)(a) of the Income-tax Act, 1961. The conclusion of the Commissioner of Income-tax is on the basis that the explanation of the petitioner lacks bona fides. The petitioner-firm ought to have filed a return on or before July 31, 1982. But the return was actually filed only on March 12, 1986, after a delay of four ye .....

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..... not available, was found to be unacceptable since film production was not the business undertaken by the firm, but by the partners in their individual capacity. If the case of the petitioner is accepted, then they must be permitted to wait till the completion of the accounts of the partners of the firm so that the loss in the business of the individual capacity can be claimed against the income o .....

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