1980 (12) TMI 64

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.... 273(a) for asst. yr. 1974-75. The assessee had filed a nil return in the accounting year relevant to the assessment year in issue, but he filed a return of Rs. 2,30,440 for the year in question. According to the ITO it was strange that he should have filed a nil estimate and only after 12 days should file a return showing an income of Rs. 2,30,440. When the ITO asked, the assessee explained to hi....

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.... and levy a penalty of Rs. 14,000 under s. 273(a) on the ground that the assessee had filed an estimate of the income which he knew or had reason to believe to be untrue. 2. The AAC to whom he carried the issue in appeal before him cancelled the penalty. His finding is contained in para 4 of his order, reproduced below: "4. Taking into consideration the observations of my predecessor in the ....

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....the findings and reasoning of the AAC. If the ITO had taken such a unreasonable view about the claim for relief under s. 80J as is apparent from his observation in the assessment order that s. 80J does not provide an enduring benefit to the assessee like development rebate, the assessee could not determine his income correctly, in view of the uncertainty of relief which could be granted to him by ....