1979 (7) TMI 122

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....under s. 271(1) (a) of the IT Act. 2. The ITO initiated proceedings of penalty under s. 271(1) (a) as there was delay in filing of the return of income for the above asst. yr. Which was filed on 30th Oct., 1973. Before the ITO, it was explained that the delay was due to non-finalisation of the accounts for the preceding year. The ITO found the explanation to be unacceptable. Since he was not sa....

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.... It is argued on behalf of the assessee that the AAC has given a finding regarding non-existence of reasonable cause for non-finalisation of accounts for the earlier year. But on this ground alone no penalty under s. 271(1)(a) can be imposed for the next asst. yr. 1972-73 which is before us at present. It is, therefore, urged that the orders of the authorities below cannot be sustained. 4. On b....