9911796707
TMI Blog1980 (4) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... on self-assessment under section 140A of the Income-tax Act, 1961 ? The AAC of Income-tax, 'A' Range, Rohtak, levied penalty on the assessee under s. 273(a) of the I.T. Act, 1961 (hereinafter referred to as "the Act"), for the assessment year 1968-69. Against that order, the assessee filed an appeal before the Income-tax Appellate Tribunal (hereinafter called "the Tribunal"), and the Tribunal, by order dated 28th December, 1973, allowed the appeal partly and ordered that, in computing the net tax payable, besides giving credit for the advance tax paid and for tax deducted at source, the tax paid on self-assessment under s. 140A of the Act should be excluded for the purposes of levying the penalty. The Commissioner sought a reference on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deductions permissible under the aforesaid sections, which are mostly deductions at source and the payment of tax by way of self-assessment has not been excluded. A reading of s. 273 of the Act shows that it has reference to the definition of "assessed tax", as contained in s. 215(5) of the Act and, therefore, for purposes of s. 273, the said definition would be fully applicable. Mr. Awasthy has further urged that from a reading of ss. 273 and 215(5), no other view is possible and the Tribunal has given no reason why the tax paid under self-assessment has to be excluded. From the scheme of the Act, it is clear that there is deduction of income-tax either at source, or it is paid in advance, known as advance tax, the last date for which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the assessee could not raise any reasonable argument to take a different view and, therefore, we find that the Tribunal was in error in directing that the tax paid on self-assessment under section 140A should be excluded or credit thereof be given to the assessee in computing the assessed tax for purposes of levying the penalty. Accordingly, we answer the question in the negative, i.e., in favour of the revenue and against the assessee and hold that the penalty under s. 273(a) of the Act should be levied by reference to the net tax payable on completion of the assessment after giving credit only for the advance tax paid and the tax deducted at source but not for the tax paid on self assessment under s. 140A of the Act. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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