https://www.taxtmi.com/caselaws?id=38846 The High Court held that the Tribunal erred in waiving the penalty under section 271(1)(a) of the Income-tax Act for the assessment year 1966-67. The Court emphasized that the assessee failed to provide a satisfactory explanation for the delay in filing the return and that the audit completion did not justify the delay. The Court concluded that the imposition of the penalty was justified, ruling that the Tribunal's decision was vitiated in law. The revenue was awarded costs of the proceeding, including a specific hearing fee. en-us Tue, 30 Mar 1976 00:00:00 +0530 Fri, 09 Apr 2010 16:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38846 The High Court held that the Tribunal erred in waiving the penalty under section 271(1)(a) of the Income-tax Act for the assessment year 1966-67. The Court emphasized that the assessee failed to provide a satisfactory explanation for the delay in filing the return and that the audit completion did not justify the delay. The Court concluded that the imposition of the penalty was justified, ruling that the Tribunal's decision was vitiated in law. The revenue was awarded costs of the proceeding, including a specific hearing fee. Case-Laws Income Tax Tue, 30 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38846