9911796707
TMI Blog1979 (11) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee referring for our answer the following question of law : " Whether, on the facts and in the circumstances of the case, for the purpose of determining the amount of penalty under s. 271(2), the tax payable by the firm in relation to which the penalty is calculated should be reduced by the amount of tax which would be payable by the firm on the total income determined in the origin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Penalty proceeding were taken against the assessee under s. 271(1)(a) of the Act for default in filing the return under s. 148. The amount of penalty has been fixed at the rate of 2 per cent. of the tax which would be payable on the total income of Rs. 3,03,967 for each month of default. For purposes of imposition of penalty under s. 271(1)(a) a registered firm is to be treated as an unregistere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of tax under this section is not limited to the income which was not included in the original assessment. When the escaped income is assessed under s. 147, it has to be added to the income, if any, which was earlier assessed for finding out the tax which the assessee is liable to pay for the particular assessment year. In the case of reassessment following an assessment, the quantification of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... says that assessed tax means the tax as reduced by the sum, if any, deducted at source under Chap. XVII-B or paid in advance under Chap. XVII-C. If the intention of the law-makers was that assessed tax should mean the difference between the tax assessed at the stage of reassessment and the tax originally assessed, the Explanation would have said so. Learned counsel for the assessee referred us t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
