9911796707
TMI Blog1985 (1) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals), to be excessive for all the five years. The objections raised are separately dealt with below. 2. Before dealing with the assessee's plea, relating to the penalties being barred by limitation, we will give below certain relevant data as was furnished in a statement of facts filed before the Commissioner (Appeals) : ------------------------------------------------------------------------------------------------------------------------------------------------- Assess- Penalty levied Dates of Dates of First letter Dates of Dates of the ment by IAC/ penalty filing of of the ITO Filing of assessment year Commissioner orders return regarding Form order (Appeals) under filing of No. 50 section Form No. 139 50 ----------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... postulates a scheme where penalty action is to be initiated in the course of the completion of the proceedings. This is not true about the imposition of a penalty under section 272A(2)(a). Section 285 casts a duty for furnishing a prescribed return in Form No. 50 on the person responsible for paying any interest exceeding Rs. 400 and giving names and addresses of all persons to whom interest exceeding that limit during the previous financial year had been paid. The ITO's enquiry about the failure to furnish such a return will not give rise to any proceeding of the nature referred to in section 275(b). Section 272A in sub-section (2) provides for levy of penalty for failure to carry out this duty. The situation prescribed in the Act, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy discussed the scheme of the penalty under section 272A(2), read with section 285 above. There is no scope in that about initiating of penalty proceedings as in the case of penalties under section 271. Here, the penalty action begins when the ITO notices the assessee's failure to comply with the provisions of section 285. The ITO undisputedly had made enquiry about the assessee's failure to furnish Form No. 50. by letter dated 4-8-1982, and thereafter, the assessee did file the relevant form for the five assessment years as per data given in an earlier para. We do not see any substance in this plea either and reject the same. 6. [This para is not reported here as it involves a minor issue.] 7. In the result, these five cross-objection ..... X X X X Extracts X X X X X X X X Extracts X X X X
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