1988 (4) TMI 43

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... is to answer the following question of law, namely: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no charge was levied by the Incometax Officer for default under section 139(2) of the Income-tax Act, 1961, and in cancelling the penalty consequently ? " The relevant assessment year is 1970-71. The assessee was required to file the return o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... dditions were made and the assessee's taxable income was computed at Rs. 1,91,210. This was later reduced to Rs. 91,143. The Income-tax Officer issued a notice to the assessee to show cause why penalty should not be imposed on it under section 271(1)(a) of the Act. The assessee replied to the notice contending that no return had been filed by it under the bona fide impression that a return of inco .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f the assessee's contention in respect of these two items which has brought about the result of the assessee having taxable income instead of loss suffered for that year, as claimed by the assessee. It was, therefore, held that no penalty could be levied under section 271(1)(a) for default committed under section 139(l) of the Act. It was further held that the Income-tax Officer not having levied .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X