1976 (10) TMI 27

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..... DY J.--The assessee filed a return for the assessment year 1967-68 declaring an income of Rs. 2,27,113. He did not pay the tax payable on self-assessment, nor did he subsequently pay the tax when assessment was made on provisional basis, within the prescribed period. Later on, the assessee appears to have paid substantial part of the tax levied. Thereafter, the Income-tax Officer levied a penalty .....

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..... substance in this submission. There is a proviso to section 140A(3) expressly providing for reasonable opportunity being given to the assessee before the levy of any such penalty which would become meaningless if levy of penalty is automatic. Shri Awasthy lays stress on the words " shall be liable to pay ". But what the assessee is under an obligation to pay as penalty is such amount as the Incom .....

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