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TMI Blog2003 (5) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... d in cancelling the penalty - - - - - Dated:- 8-5-2003 - Judge(s) : Y. R. MEENA., SHASHI KANT SHARMA. JUDGMENT Heard on application under section 256(1) of the Income-tax Act, 1961. The Tribunal has referred the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty of Rs. 40,565 levied under section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974?" The assessee was deriving individual income in the year under consideration from salary, share profit from M/s. Pratap Steels and dividend. He declared his total income at Rs. 9,32,161 and the assessment was completed on a total income of Rs. 9,73,320. As the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory deposit at the rates specified in the relevant paragraph of the Schedule. Section 4(3)(b) provides that for the purposes of that section 'current income' in relation to an assessment year in a case where an estimate is sent by the person under section 209A of the Income-tax Act, means the total income as estimated by him of the period which would be the previous year for that assessment year as increased by the net agricultural income, if any, of that period as estimated by him. It appears that in the penalty order dated December 19, 1986, passed by the Inspecting Assistant Commissioner (Assessment) under section 273(2), it was accepted that the assessee had filed an estimate in lieu of that statement under section 209A(2) estimating hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave not been told that any order was passed by the Income-tax Officer under section 6 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, directing him to make compulsory deposit with reference to his 'current income'. The expression 'current income' has been defined in section 6(2) as the total income returned by him as increased by the net agricultural income, if any, returned by him. Therefore, unless the Assessing Officer had taken action under section 6, the returned income or the assessed income could not have been taken into consideration." The submissions and the admitted fact that the assessee has estimated his "nil" income and that has been filed his statement under section 209A(2) of the Act, no direction was given ..... X X X X Extracts X X X X X X X X Extracts X X X X
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