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TMI Blog2011 (2) TMI 764X X X X Extracts X X X X X X X X Extracts X X X X ..... , the revised return is be filed within 60 days - Held that:- The provision of Rule 7C of the Rules, the revised return cannot be ignored simply on the ground that the same has been filed after a period provided under Rule 7B of the Rules - Thus, the matter requires re-consideration by the adjudicating authority in view of the provision of Rule 7C of the Rules - The appeal is allowed by way of rem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ention is that Rule 7C of the Rules provides penal action for not filing the return within the period stipulated under Rule 7 of the Rules. The contention is that the revised return was not taken into consideration while determining the tax liability. Therefore the demand is not sustainable. 2. The contention of the Revenue is that the applicant filed return under Rule 7 of the Rules. When the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn, an amount of five hundred rupees; (ii) beyond fifteen days but not later than thirty days from the date prescribed for submission of such return, an amount of one thousand rupees; and (iii) beyond thirty days from the date prescribed for submission of such return an amount of one thousand rupees plus one hundred rupees for every day from the thirty first day till the date of furnishing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the date on which the Finance Bill, 2007 receives the assent of the President, shall also be deemed to be concluded if the amount specified for delay in furnishing the return is paid by the assessee within sixty days from the date of assent to the said Finance Bill." In view of the provision of Rule 7C of the Rules, the revised return cannot be ignored simply on the ground that the same has b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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