1980 (5) TMI 52

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....yed submission of return levied a penalty of Rs. 5,520 under s. 18(1)(a). The assessee took this matter in appeal before the AAC, Jullundur and explained that the delay as explained to the WTO was caused by two reasons, (i) Statement of account from M/s. P.N. Beri which was necessary for preparing the return was not received as balance sheet of this firm was prepared in Nov., (ii) Valuation report....