1987 (11) TMI 124

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....penalty for the non-payment of compulsory deposit. Sri J. Nageswar Rao had an income of Rs. 1,10,350 and Sri J. Mohan Rao had an income of Rs. 1,11,321 for the assessment year 1980-81. Compulsory deposit was not paid during the year, but was paid before the assessment was completed. The Income-tax Officer levied penalty under s. 10(3) of the Compulsory Deposit Act for the default. It was pleaded before him that the firm in which the assessees were partners did not file any estimate of income and, therefore, they could not pay the deposits. It was further urged that the payments were made long before the assessments were completed and, therefore, a lenient view should be taken. The Income-tax Officer felt that there was no reasonable cause f....

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.... the person has been assessed by way of regular assessment forms the basis of computation of advance tax payable by him, such total income [exclusive of capital gains and income referred to in sub-clause (ix) of clause (24) of section 2 and in clause (c) of section 115C of the Income-tax Act] as increased by the net agricultural income, if any, which has been taken into account for the purposes of charging income-tax for the assessment year relevant to that previous year; or (ii) if the total income of the previous year on the basis of which income-tax has been paid by the person under section 140A of the Income-tax Act forms the basis of computation of advance tax, such total income [exclusive of capital gains and income referred to in ....

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....o are previously assessed to income-tax, in the circumstances, would fall under clause (a) of sub-s. (1) of s. 209A by which a statement of advance tax has to be sent based on the latest assessed income or on the basis of the latest income in relation to which tax under s. 140A had been paid. In case an assessee feels that his current income would be lower than the previously assessed income, he should file an estimate under s. 209A(2) of the Income-tax Act. In cases where the assessee had initially sent the statement of advance tax under s. 209(1) and an upward revision is required, he could do so under s. 209A(3) of the said Act before the last instalment of advance tax fell due. Similarly, where an Income-tax Officer had passed an order ....