9911796707
TMI Blog1994 (11) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... J.--In the present applications under section 256(2) of the Income-tax Act, 1961, preferred by the Department the only question sought to be referred is: "Whether, on the facts and in the circumstances of the case, the Tribunal was, in law, justified in cancelling the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961 ?" The brief facts of the case are that the assessee contest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as against this order of the Tribunal sought for a reference to this court by way of the aforesaid question. We find that for the assessment year 1978-79, the return was filed on March 2, 1981, that is to say, within two days of filing of the return for the previous year, namely, 1977-78. The Tribunal found that the accounts for the earlier year have to be completed before the accounts for the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ading Co. [1984] 150 ITR 676 (Bom) and Jamunadas Mannalal v. CIT [1985] 152 ITR 261 (Patna) [FB], to contend that penalty should not have been deleted. The facts of CIT v. Janata Trading Co. [1984] 150 ITR 676 (Bom) has no application to the question raised in the present cases. No doubt, in that case also there was delay in filing the return and that default resulted in issuance of notice for pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On the other hand, we find the decision of the Andhra Pradesh High Court in P. Venkata Krishnayya Naidu and Son v. CIT [1984] 150 ITR 545, the facts of which are similar to the facts of the present case, held that (headnote): "Where a registered firm failed to furnish its returns in time but had paid advance tax which was, admittedly, larger than the amount of tax payable on its total income, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Naidu and Son v. CIT [1984] 150 ITR 545). We, accordingly, hold that the Tribunal rightly deleted the imposition of penalty as against the application for the assessment years 1978-79 and 1979-80. For the assessment year 1980-81, we direct the Tribunal to refer the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was jus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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