1987 (7) TMI 151

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....1(1)(A) which was made by the ITO and confirmed by the AAC. The assessee is a commission agent in fruits. The assessment year involved is 1976-77. The return was to be filed on 31st of July, 1976 whereas it was actually filed on 28th Feb., 1977. The assessee had sought extension of time in form 6 as their books of accounts were not complete. In the said application, the time was sought up to 30th ....

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....ver a crore of rupees as commission receipt had been shown in a sum of Rs. 1,21,711. He submitted that difference in trial balance of a concern of this type was natural and the assessee's request for explanation was rejected without reason. The learned DR on the other hand, relied on the order of the two lower authorities. 2. After taking into consideration the rival submissions and looking to ....

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....f supports huge turn-over of the constituents at the hands of the assessee, the difference in trial balance could not be ruled out and once the explanation was given by the assessee, it was for the Department to have substantiated the same to be false. Under the circumstances, the penalty is hereby cancelled and in the result, the appeal of the assessee is allowed. Narayanan (Vice-President): ....