1983 (11) TMI 146

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....e penalty levied of Rs. 6,290 under the provisions of section 140A(3) of the Income-tax Act, 1961 (' the Act '). For the assessment year 1976-77, the assessee filed a return showing an income of Rs. 53,040 on 20-8-1976. The tax payable on this amount was about Rs. 19,000. But the assessee along with the return filed stated that an amount of Rs. 18,000 and odd was due to the firm in which the asses....

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....ual deposit which was to be made comes to Rs. 17,500.) It was, therefore, urged that there was sufficient cause for not paying the selfassessment tax. But the Commissioner (Appeals) took the view that the assessee was in default and, therefore, the penalty was rightly levied. 3. Before us the assessee urged that in the facts put forth, the penalty should not have been levied. 4. We have hear....

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....s an attempt to deprive the revenue of any legitimate dues since an equal amount is lying with the revenue. There is also no loss of interest. The assessee-partner and the firm are two different entities and if the assessee does not independently pay the self-assessment tax though refund is due to the firm in which he is a partner, there may be default in the abstract. But such default being clear....