9911796707
TMI Blog1974 (2) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... r assessed the petitioner under section 143(3)/182(1) as a registered firm for a total income of Rs. 31,692 and charged interest for delay in filing return - When return is filed after the due date but before the assessment and is accepted whether penalty can be levied - - - - - Dated:- 20-2-1974 - Judge(s) : AMIYA KUMAR MUKHERJEE. JUDGMENT AMIYA KUMAR MOOKERJI J.-The petitioner, a registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eafter, by an order dated February 3, 1969, a penalty being 2 per cent. on the tax for the period of default, was imposed by the Income-tax Officer upon the petitioner. The petitioner being aggrieved by the said order of penalty dated February 3, 1969, filed revision under section 264 of the Act on the 5th February, 1970. By an order dated June 30th 1960, the Additional Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was Rs. 25,000 no penalty could be levied in view of section 273(3)(a) of the Act. Lastly, it is contended that under section 139(4) of the Act an assessee may furnish the return at any time before the end of the period specified in clause (b) of section 139(1) of the Act and, admittedly, the petitioner filed the return before the assessment is made, so no penalty can be imposed upon the petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no substance in the contention of the petitioner that under section 271(3)(a) of the Act no penalty can be imposed upon the petitioner as the taxable limit for a registered firm was Rs. 25,000. Section 139(4) of the Act only permits the assessee to file a return beyond the time allowed under section 139(1) or 139(2) of the Act before the assessment is made, but it does not exonerate the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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