TaxTMI 
TaxTMI 
1979 (9) TMI 120
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....ll 28th Dec., 1974. 2. The assessee derived income from salary and also from the shares of limited Companies, Unit Trust etc. For the year 1968-69, 1969-70, and 1970-71, the assessee was filing returns of income on his own i.e. without taking the aid of the Tax Consultant. He was also attending to income-tax proceedings before the ITO in person. However, for the year 1971-72 onwards, he was repre....
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....eturn. The WTO however was of the opinion that the return should have been filed by the assessee on 30th June, 1970 where it was filed as late as on 31st day of March, 1975. According to the WTO, there was a delay of 56 months and the assessment was completed on 20th March, 1975 on a total wealth of Rs. 1,15,697. The WTO accordingly levied penalty of Rs. 4,180 against which the assessee went in a....
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.... belief regarding the provisions of law which prevented the assessee from filing the return out of time and, therefore, the assessee had a reasonable cause of belated filing of return. Shri Modi's submission was that penalty should not be levied. 4. The ld. Deptl. Representative relied on the orders of the authorities below. 5. We have given due consideration to the rival submissions and we hold....