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1978 (5) TMI 53
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.... confirming the levy of penalty under s. 271(1) (a) of the Act. 2. The return of income in this case was due by 30th June, 1968., and the assessee in fact filed it only on 26th May, 1969., Before the ITO no explanation was given for the delay in filing the return of income. In the circumstances, the ITO levied a penalty of Rs. 2,119 under s. 271(1) (a) of the Act. It was explained that the asse....
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....s as a firm and the income returned was only Rs. 22,911. It was contended that the assessee Bona fide believed that the assessment would be completed in the status of a registered firm. Since the returned income liable to be taxed in the case of a firm, It was submitted that no penalty would be leviable under s. 271 (1) (a) of the Act. It was argued that even if the application for registration wa....
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....the assessee presently, it was argued that the orders of the authorities below should be confirmed. 4. We have given our careful consideration to the submissions made before us by the rival parties. The assessee in this case had filed the return of income in the status of a firm and the income returned was below the taxable limit in the case of a registered firm. The contention of the Revenue i....