https://www.taxtmi.com/caselaws?id=31386 Penalty under the Companies (Profits) Surtax Act was not leviable merely because the return was filed after the prescribed due date, where it was furnished before assessment was completed. Section 5(3) permits a belated return to be filed any time before assessment, and section 9 penalises only a failure, without reasonable cause, to furnish the return required under section 5. Read together, these provisions mean that a return filed before assessment does not amount to non-furnishing of the return so as to attract penalty. The Tribunal's deletion of penalty was therefore upheld and the reference was answered against the revenue. en-us Wed, 25 Jul 2007 00:00:00 +0530 Sat, 17 Sep 2011 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31386 Penalty under the Companies (Profits) Surtax Act was not leviable merely because the return was filed after the prescribed due date, where it was furnished before assessment was completed. Section 5(3) permits a belated return to be filed any time before assessment, and section 9 penalises only a failure, without reasonable cause, to furnish the return required under section 5. Read together, these provisions mean that a return filed before assessment does not amount to non-furnishing of the return so as to attract penalty. The Tribunal's deletion of penalty was therefore upheld and the reference was answered against the revenue. Case-Laws Income Tax Wed, 25 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31386