1975 (8) TMI 42

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..... for adjudication: " Whether, in the facts and circumstances of the case, the Tribunal was justified in cancelling the impugned penalty imposed under section 271(1)(a) of the Income-tax Act, 1961?" The year of assessment is 1966-67. While the return was due by September 30,1966, it was actually filed on December 14, 1967. A proceeding was initiated for delayed filing of the return under section .....

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..... his correct income in respect of the share from the firm and to file the return.............." These, in our view, provide sufficient cause for the assessee for not filing the return within time and no penalty should have been imposed. The legal position has been stated, in our view, in an appropriate way in the case, of Venkateswara Power Rolling Mills v. Commissioner of Income-tax. On the fact .....

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