9911796707
TMI Blog1996 (1) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Income-tax Cases Nos. 54 and 55 of 1987 pertaining to the same assessee in which identical questions of law and fact arise. The assessment years in question are 1974-75 and 1975-76, corresponding to the previous years ending on March 31, 1974, and March 31, 1975, respectively. The assessee did not file its returns of income for these years within the period stipulated under section 139 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pril 19, 1974, and it is stated that a first information report regarding loss was lodged with the police at Ferozepur and an intimation to this effect was also sent to the Income-tax Officer along with a copy of the first information report. It was on account of loss of the account books, claims the assessee, that it could not file its income-tax return in time for the relevant assessment years ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd levied sums of Rs. 65,710 and Rs. 15,400 for the assessment years 1974-75 and 1975-76, respectively. Feeling aggrieved by the order imposing penalty, the assessee filed two appeals before the Commissioner of Income-tax (Appeals) which were disposed of by a common order dated September 10, 1984. The order imposing penalty was confirmed though, according to the appellate authority, the Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee, arise from the order dated March 16, 1986. We have heard counsel for the parties. There is no gainsaying the fact that the Income-tax Officer, while waiving the interest under rule 117A, had accepted the explanation of the assessee and was of the opinion that it was prevented by sufficient cause from furnishing the returns within time. The argument of learned counsel, appearing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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