9911796707
|
Home
Issues: Calculation of penalty under section 271(1)(c) as per pre and post-amendment provisions and reduction of penalty amount.
Analysis: For the assessment year 1961-62, the assessee filed the original return before April 1, 1968. Subsequently, a notice was issued under section 148, and a revised return was filed in June 1968. The main issue was whether the penalty should be calculated based on the law pre or post the April 1, 1968, amendment. The court referred to precedents where it was held that the original return date is crucial for penalty calculation. The court emphasized that if the original return was filed before April 1, 1968, the pre-amendment provisions apply. The court distinguished a case where a revised return was filed voluntarily due to errors discovered later, which could supplant the original return for penalty purposes. However, in the present case, the revised return was filed in response to a notice, not due to errors discovered later, aligning with the earlier decisions. The court answered the first question by affirming the applicability of pre-amendment provisions for penalty calculation. Regarding the second question on reducing the penalty amount, the court upheld the Tribunal's decision to reduce the penalty imposed under section 271(1)(c) from Rs. 18,000 to the minimum imposable amount based on the tax sought to be evaded. Consequently, both questions were decided in favor of the assessee, entitling them to costs amounting to Rs. 200.
|
