TaxTMI 
TaxTMI 
1981 (8) TMI 18
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....asonable cause for the assessee not to file its return of income till 14th November, 1966 ? " The assessment year with which we are concerned herein is assessment year 1966-67, the relevant previous year being S.Y. 2021. This reference arises out of penalty proceedings taken against the assessee in respect of a default under s. 271(1)(a) of the Act. The following table would furnish the relevant factual data required to be taken into consideration for the purpose of answering the question: ------------------------------------------------------------------------------ S.No. Particulars &nb....
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....; ... 14-11-1966 6. Return furnished on ... 1-12-1966 7. Penalty levied under section 271 (1)(a)(i) ... 31-1-1972 ------------------------------------------------------------------------------- In view of the delay in furnishing the return, the ITO issued show-cause notice under s. 271 read with s. 271(1). The assessee, in response to....
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....nished on November 14, 1966, before the expiry of the period of one month of the default thereafter, the assessee furnished the return on December 1, 1966 ; (e) that, therefore, there being less than one month's delay in furnishing the return (for which there was no reasonable cause), the assessee was not liable to any penalty under s. 271(1)(a). In view of the decision of the Full Bench of this court in Addl. CIT v. 1. M. Patel and Co. [1977] 107 ITR 214, it is clear that penalty for failure to furnish the return within the time specified by law could have been imposed only if it was shown that the assessee had either acted deliberately in defiance of law or was guilty of conduct, contumacious or dishonest, or acted in conscious disrega....