1987 (12) TMI 87

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....hs, 25 months and 14 months respectively. 2. The assessee pleaded that the income-tax return for asst. yr. 1976-77 was filed on 26th Sept., 1979 and penalty was imposed for delay in filing of the return. It was in this circumstance pleaded that the return of the present assessment year being dependent on the finalisation of the accounts of the earlier year as well, the delay should be treated a....

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....being consequent to the delay in filing of the return for 1976-77 is reasonable to which we give a further 2 months period i.e. we condone the delay till Nov., 1979 and hold that the penalty is imposable from 1st Dec., 1979 till 31st Aug., 1980 i.e. for 9 months. 4. For asst. yrs. 1978-79 and 1979-80 apart from the same reasonings given as in 1977-78, the assessee took up a legal plea i.e. that....

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....artmental Representative relied on CIT vs. Indira & Co. (1971) 79 ITR 702 (Raj) and submitted that the period of delay is to be counted from the initial period of delay and that any mistake in the notice is a rectifiable mistake as provided in s. 292B. 5. We have given careful consideration to the arguments advanced by the parties. One of the arguments advanced by the learned Departmental Repre....