1984 (1) TMI 127

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.... 1974-75, the return of income was due to be filed on or before31st July, 1974but the assessee filed the return of income on14th Dec., 1976. Since the return of income was delayed by 28th Months, the penalty proceedings under s. 271(1)(a) of the Act were initiated. As the replay filed by the assessee was not convincing, the ITO levied a penalty of Rs. 1,43,685 under s. 271(1)(a). The assessee pref....

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....y the ITO under s. 271(1) (a) of the IT Act. The ld. Counsel for the Assessee filed a copy of the order dt 13th Feb., 1982 of 'A' Bench of the I.T.A., Delhi-I wherein the Tribunal has held that there was no capital gain on the transfer of agricultural lands in village Nangal Dewat. The Income returned by the assessee excluding the capital gains was only Rs. 4,210 after the order of Tribunal there ....