Law:

Section:

Section 273A of the Income-tax Act, 1961 - Penalty - Reduction or waiver of - Assessee filed delayed returns - Assessing Officer levied penalty - Assessee claimed that delay was attributed to CBI seizing account books - Whether if assessee was earnest, he could have obtained seized books and records and filed returns - Held, yes - Whether, therefore, ground taken by assessee of delay in filing of returns being attributable to CBI having seized account books, did not appear to be tenable and convincing, so as to justify waiver of penalty and interest - Held, yes Sanjeev Khanna and Ajay Jha for the Respondent. ORDER 1. The counsel for the respondent has taken me through the order passed by the Commissioner at page 43 of the paper book as also the assessment order Annexure 'C'. From a perusal of these orders, it would appear that the ground taken by the assessee of the delay in filing of returns being attributable to the CBI having seized account books, does not appear to be tenable…

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