9911796707
TMI Blog1992 (11) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. 2. The assessee is an individual. For the assessment year 1979-80 corresponding to the previous year ended 31-3-1979, the assessee had filed a return showing loss of Rs. 78,490. But the assessment was made on an income of Rs. 2,72,180 making additions in respect of inflation of purchases. Since the assessee had not paid any advance tax, the Income-tax Officer asked the assessee to show cause ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of income, the penalty under section 273(1)(b) was not exigible as the conditions under section 209A(1)(a) have not been satisfied. On the other hand, it was contended on behalf of the revenue that since the assessee must have known his real income which was actually assessed and which was found to have been concealed, it must be inferred that the assessee had also failed to pay the legitimat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount of advance tax payable was either on the total income determined by way of regular assessment for the latest previous year or the total income returned subsequently for any previous year. In the present case, while the statement of advance tax was due on 30-9-1978, the latest assessment was for 1976-77 made on 15-9-1978 on a loss of Rs. 26,878. The subsequent returns for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who in fact had income, was not required by the literal provisions of the statute to file a statement of advance tax. In the circumstances, the failure of the assessee to file a statement of advance tax which could show only a loss according to the provisions of section 209 can only be regarded as a venial default not requiring the imposition of penalty. It may be that the assessee has been penali ..... X X X X Extracts X X X X X X X X Extracts X X X X
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