https://www.taxtmi.com/caselaws?id=71757 The ITAT upheld penalties for late filing of returns and inadequate tax payments for assessment years 1976-77 and 1977-78. The AAC's cancellation of penalties was overturned as the explanations provided were deemed unsubstantiated and unreasonable. The ITAT reinstated the penalties imposed by the ITO, emphasizing the lack of factual basis in the AAC's decision. en-us Tue, 15 Mar 1983 00:00:00 +0530 Tue, 26 Apr 2011 18:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71757 The ITAT upheld penalties for late filing of returns and inadequate tax payments for assessment years 1976-77 and 1977-78. The AAC's cancellation of penalties was overturned as the explanations provided were deemed unsubstantiated and unreasonable. The ITAT reinstated the penalties imposed by the ITO, emphasizing the lack of factual basis in the AAC's decision. Case-Laws Income Tax Tue, 15 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71757