1977 (6) TMI 49

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....8(1)(a) of the WT Act, 1957. 2. The assessee is an individual, For the asst. yr. 1971-72, the assessee ought to have filed the return of income on or before the 30th June, 1971, under s. 14(1) of the Act. The notice under s. 14(2) was served on 9th Sept., 1971 and the assessee applied for extension of time on 1st Oct., 1971 stating that the return forms were not available. The assessee had his ....

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....use shown by the assessee, such as the time taken to obtain the valuer's report, auditing of the accounts and the non-availability of the return forms. It was submitted that in the circumstances, the imposition of penalty was arbitrary and should be cancelled. On the other hand, the Revenue relied on the orders of the authorities below. 4. On a careful consideration of the rival submissions, we....