1976 (9) TMI 92

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....y which he cancelled the penalty imposed by the ITO against the assessee which is a registered firm under s. 271(1)(a) of the IT Act, 1961 (hereinafter referred to as the said Act), relating to the asst. yr. 1971-72. 2.The return for the asst. yr. 1971-72 was due by 30th Sept., 1971. The assessee filed an application before the ITO seeking extension of time till 31st Jan., 1972 vide receipt No.....

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....e, but the ITO did not give any intimation to the assessee regarding the refusal of extension and so the assessee was under a bona fide belief that time sought for had been allowed. The AAC has pointed out that the petition for extension of time was not on the record, but the assessee had the receipt to show that the petition was filed. He, therefore, held that no penalty was leviable against the ....

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....ready applied before the ITO for extension of time till 31st Jan., 1972 vide receipt dt. 27th Sept., 1971 and as the petition for extension of time was not rejected by the ITO and no communication of rejection was made by the ITO, the assessee had bona fide belief that extension of time had been granted. He has also relied on the order of the Tribunal, Cochin Bench, where it has been held that it ....

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.... The learned Departmental Representative has submitted that the Bombay Tribunal in the order dt. 3rd Oct., 1974 in ITA No. 1830 of 1973-74 has taken a view that the mere filing of petition for extension of time will not be sufficient. The learned departmental representative has not filed before us the order of the Bombay Tribunal. The learned Departmental Representative has submitted that it was t....