https://www.taxtmi.com/caselaws?id=66504 Penalty under the Compulsory Deposit Act could not be imposed where the assessee had not filed an advance-tax statement under section 209A of the Income-tax Act and no section 210 order had been made, because the statutory basis for ascertaining current income under section 4(3) was absent. The compulsory deposit scheme depended on ascertainable current income, and without the prescribed trigger for determining that income, the assessee could not be treated as in default for non-payment. The result was that penalty under section 10(3) was not leviable on the facts stated, even though the statutory machinery left a gap. en-us Fri, 13 Nov 1987 00:00:00 +0530 Sat, 26 Feb 2011 12:07:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66504 Penalty under the Compulsory Deposit Act could not be imposed where the assessee had not filed an advance-tax statement under section 209A of the Income-tax Act and no section 210 order had been made, because the statutory basis for ascertaining current income under section 4(3) was absent. The compulsory deposit scheme depended on ascertainable current income, and without the prescribed trigger for determining that income, the assessee could not be treated as in default for non-payment. The result was that penalty under section 10(3) was not leviable on the facts stated, even though the statutory machinery left a gap. Case-Laws Income Tax Fri, 13 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66504