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TMI Blog2007 (7) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... of 1992, in respect of assessment years 1981-82 and 1982-83:- "Whether on the facts and in the circumstances of the case, the ITAT was right in law in holding that no penalty for late filing of return has been prescribed in the Companies (Profits) Surtax Act, 1964?" 2. The assessee filed its return under the Companies (Profit) Surtax Act, 1964 (for brevity, 'the 1964 Act') on 23.2.1985, which was required to be filed under Section 5(1) of the 1964 Act by 30.9.1982. The Assessing Officer imposed a penalty of Rs. 20,568/-under Section 9 of the 1964 Act for late filing of return. The assessee filed an appeal before the CIT (A), who vide its order dated 10.8.1992, deleted the penalty holding that no penalty was leviable for late filing of re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atutory deduction, its principal officer, or where in the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Act, such person, shall furnish a return of the chargeable profits of the company during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, before the 30th day of September of the assessment year: Provided that on an application made in this behalf, the Assessing Officer may, in his discretion, extend the date for the furnishing of the return. (2) In the case of any company which in the Assessing Officer's opinion is assessable under this Act, the Assessing Officer may, before the end o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so be appropriate to refer to Section 9 of the 1964 Act, at this stage and the same reads as under:- " 9. If the Assessing Officer, in the course of any proceedings under this Act, is satisfied that any person has, without reasonable cause, failed to furnish the return required under section 5, or to produce or cause to be produced the accounts, documents or other evidence required by the Assessing Officer under subsection (1) of section 6, or has concealed the particulars of the chargeable profits or has furnished inaccurate particulars of such profits, he may direct that such person shall pay, by way of penalty, in addition to the amount of surtax payable, a sum not exceeding- (a) where the person has failed to furnish the return requir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 5. Under section 5 (1), the assessee is required to file his return on or before September 30 of the assessment year. There is also power in the Assessing Officer to extend the date for furnishing the return. Section 5(3) further provides that any assessee who has not furnished the return during the time allowed under sub-section (1) may furnish a return at any time before the assessment is made. Therefore, the assessee has a right to furnish the return before the assessment is made. There is no provision under section 9 which imposes a penalty for filing the return after September 30 of any assessment year or the extended date and before the assessment is made. In other words, there is no provision in section 9 for levying a pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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