2006 (1) TMI 108

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..... gainst the amount so disclosed in the return and as determined by the assessing authority - The argument appears to be based on some misconception – the view taken by the two appellate authorities that the provisions of section 271(1)(c) of the Income-tax Act or the Explanation attached to section 148 of the Income-tax Act which is a separate and independent Act could not have been invoked for the .....

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..... rn up to December 31, 1995. Since the return was not furnished a notice under section 10(a) of the Act was issued to the assessee on April 15, 1996, requiring it to furnish a return of chargeable interest within 30 days. But finding failure on the part of the assessee which did not comply with the aforesaid direction, a second notice was issued on September 24, 1996. The assessee-company filed a r .....

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..... r the Income-tax Act non-filing of the return of income can be taken as escaped income from assessment. On the aforesaid premise the assessing authority imposed the penalty. In appeal before the Commissioner of Income-tax (Appeals), the appellate authority found that the reasoning given by the assessing authority for invoking the penalty clause relying upon section 13 of the Interest-tax Act and s .....

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..... the aforesaid finding and dismissed the appeal. We have gone through the record and find that the view taken by the Commissioner of Income-tax (Appeals) as well as by the Income-tax Appellate Tribunal does not call for any interference nor any substantial question of law is involved. The argument of learned counsel for the appellant, Sri Pradeep Agarwal that non-filing of the return voluntarily .....

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..... ermined by the assessing authority. The argument appears to be based on some misconception as the record itself shows and as submitted by the learned counsel for the respondents that the return furnished by the assessee did show the amount of Rs. 46 crores odd and in assessment it was enhanced but finally the assessment was made of the same amount which has been furnished by the assessee on effect .....

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