9911796707
TMI Blog2002 (7) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... istered firm for delay in filing the return when the advance tax paid by the firm exceeded the assessed tax pay able by the firm and the assessment resulted in refund?" we are of the view that the Tribunal was not right in confirming the view in deleting the penalty imposed by the Income-tax Officer under section 271(1)(a) of the Income-tax Act, 1961. We, therefore, answer the question in the nega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee though notice was duly served. At the time of hearing of this reference, Mr. Bhatt has invited our attention to the decision of this court in I.T.R. No. 34 of 1986 in the case of CIT v. Textile and General Engineer Co. [2003] 259 ITR 735. The Revenue has raised four questions in that reference and question No. 2 which was referred was more or less similar to the question which is referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... While answering the said question in favour of the Revenue and against the assessee, this court has also observed that the assessee-firm would incur a liability provided there is no reasonable cause which prevented it from filing the return in time. Following the aforesaid decisions of this court, we are of the view that the Tribunal was not right in confirming the view in deleting the penalty im ..... X X X X Extracts X X X X X X X X Extracts X X X X
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