1978 (6) TMI 80

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....lty levied under s. 271 (1) (a) of the IT Act, 1961 for the asst. yr. 1970 71. 2. The assessee was deriving income from trading in paper and other sources. He should have filed his return of income for the above assessment year before 30th Sept., 1970. The return, however, was filed only on 23rd March, 1974. In reply to the penalty notice issued by the ITO the assessee represented before the IT....

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....compensation of Rs. 57,155 as a consequence of his appeal claiming for higher amount of compensation. It was also stated that the business income was only Rs. 2,500 and that therefore there was no obligation to file a return within the due date under s. 139(1). The AAC observed that on 12th Feb., 1972 the assessee obtained the award for further compensation and therefore there was no reasonable ca....

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....ear of account was only Rs. 85,068. The cost of the property was Rs. 75,000 and the cost of stamp is stated to be Rs. 7,500. During the year of account the assessee was stated to be under the impression that capital gains assessable to tax did not arise. The assessee had applied for additional compensation and the award was given only on 12th Feb., 1972. The due date for filing the return in this ....