1980 (2) TMI 156

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....) of the IT Act, 1961, for the asst. yr. 1976-77. 2. The assessee filed the return for the above asst. yr. On 15th Dec., but did not pay the tax due thereon under s. 140A of the IT Act, 1961. The assessee paid the tax only on 31st Oct., 77. The ITO initiated penalty proceedings under s. 140A(3) of the Act. On the ground that there was no response to the penalty notice he held that there was no re....

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....ion of the regular assessment would not terminate the default and that the default continued till the date on which the tax on the returned income was paid. On behalf of the assessee reliance was placed on the order of the AAC. The ld. Representative for the assessee also referred us to the passage occurring in Three New Taxes by Shri A.C. Sampath Iyengar, 1979, 5th Edition Vol. I, page 515, as pe....