1978 (10) TMI 76

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....ar ended on 15th Nov., 1974. The assessee submitted a return of income on 31st Jan., 1976. Hence, the ITO started penalty proceedings against the assessee and levied a penalty of Rs. 7,250, under s. 271(1)(a) of the Act. On appeal, the AAC confirmed the action of the ITO. Hence, this appeal before the Tribunal. 2. The learned counsel for the assessee contended that the assessee filed an applica....

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.... income with, in that date and having failed to do so, the assessee would come within the mischief of the provisions of s. 271(1)(a) of the Act. 4. When the assessee first applied for time, the ITO granted time upto sixty days whereas the assessee had applied for time for longer period. The ITO did not take any action upto 30th Sept., 1975 and having realised the position the assessee also file....