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SATISH CHANDRA, K. C. AGRAWAL
Laxmi And Co. – Appellant
Versus
Commissioner Of Income-Tax – Respondent
K.C. Agarwal, J.
1. THE assessee was a registered partnership firm of three partners. The assessment year under reference is 1967-68, the previous year for which was the Diwali year which ended on the 12th November, 1966. Under the provisions of the Indian I.T. Act, 1961 (hereinafter referred to as "the Act"), and the Rules framed thereunder an assessee of the class of the petitioner was required to file the return for the assessment year 1967-68 by 30th June, 1967. However, by a Government notification time for filing the return was extended till 15th August, 1967. The assessee did not file any return. Thereafter, a notice was sent under Sub-section (2) of Section 139 of the Act. The assessee did not pay any heed even to the said notice and filed the return much after the expiry of the period of 30 days mentioned in the same. The ITO thereafter started proceedings for the levy of penalty. In response to a notice served under Section 274 of the Act, the assessee submitted an explanation. The explanation was not accepted by the ITO. He imposed a penalty of Rs. 54,490 under Section 271(1)(a) of the Act. The appeal filed by him to the AAC was also dismissed. Thereafter, he pre
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