1982 (4) TMI 161

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....fied. The assessee paid advance tax of Rs. 4,899 as demanded by the ITO, based on total income of Rs. 25,650, as returned for the asst. yr. 1969-70. On 23rd Sep, 1974 the assessee filed her income-tax return admitting income of Rs. 41,533. The assessment was made on total income of Rs. 41,400, and the tax of Rs. 13,616, subsequently revised to Rs. 41,250 and Rs. 13,513 respectively. The ITO initia....

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....ee had defaulted and levied the impugned penalty. The AAC confirmed the penalty order on the assessee's appeal. 2. We have heard the parties and are of the view that the case does not merit penalty. Regarding M/s. Hind Wire & Metal Industries, from which the assessee derived a substantial part of her income, we were informed that the firm itself filed its return late and the penalty proceedings....