COMMISSIONER OF INCOME-TAX Vs. SHAIKH HASSSAN HOTELS

JUDGEMENT

(1.) The only point urged on behalf of the revenue by Mr. Rivonkar is that the ITAT has wrongly deleted the penalty imposed by the Assessing Officer. According to the learned Counsel, it was incumbent on the ITAT to maintain the penalty in view of Section 271 of the Income-tax Act, the relevant portion of which reads as follows:

(2.) In these circumstances, it is clear that the assessees have proved that all the facts relating to and material to the computation of the total income have been disclosed by him. It, therefore, cannot be said that the facts have not been disclosed by them solely because those facts have been disclosed in the returns filed late, and the delay in respect of which has been condoned.

(3.) There is no merit in these appeals, which are hereby dismissed.