1982 (2) TMI 130

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....rn of income was due to be filed by the assessee on30th June 1975. The assessee firm, however, filed it on29th May 1976thereby incurring a default of 10 months. The ITO accordingly initiated penalty proceedings u/s 271(1)(a). The assessee contended that no penalty was exigible in the case as there was no tax payable in the case, rather it was a case of refund of Rs. 2,340. The ITO did not accept t....

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....e tax and tax deducted at source was in excess of the tax demanded on assessment. In this view, the AAC took support from various decisions of the High Courts cited on behalf of the assessee. 4. The Revenue is aggrieved and in appeal before us. It is the contention of Shrimati Pamela Bhandari, the ld. Deptl. Rep. That the penalty in this case was rightly imposed by the ITO. Reliance is placed o....

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....n by the AAC here. Since all the decisions relied upon by the ld. Deptl. Rep. were duly considered and distinguished by the Tribunal in that order, no interference is called for in the present case which are admittedly identical. 5. We have carefully considered the rival submissions. In this case, the tax paid by the assessee by way of advance tax and tax deducted at source are admittedly more ....