1978 (2) TMI 16

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..... no penalty under section 271(1)(a) was leviable on the assessee as no tax was due from it on the date of imposition of penalty ? " The relevant part of s. 271(1) reads as follows : " (1) If the Income-tax Officer or the Appellate Assistant Commissioner in the course of any proceedings under this Act, is satisfied that any person-- (a) has without reasonable cause failed to furnish the return .....

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..... er XVIIC ;..." It is an admitted fact that the assessee had paid advance tax under Chap. XVIIC and the amount paid was in excess of the tax assessed. In these circumstances, there is no amount on which two per cent. of the tax can be calculated for the purpose of s.271(1)(a)(i)(b). The question considered in the decision in CIT v. Kandaswami Weaving Factory Co. [1977] 110 ITR 84 (Mad) was diff .....

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