1979 (11) TMI 160

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....lsory Deposit (IT Payers) Act, 1974. None appeared on behalf of the assessee and hence we proceed to dispose of the appeal on merits after hearing the ld. Deptl. representative and perusing the material on record. 2. For the asst. yr. 1977-78 the assessee should have paid compulsory deposit of Rs. 2,400 by 15th March, 1977, which the assessee, however, paid only on 25th March, 1977. The assessee'....

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....template consideration of extenuating circumstances or situation in levying the penalty for the delay in making the compulsory deposit; that the AAC failed to note that there is no discretion or otherwise for waiving or cancelling the penalty imposable under the Act. 4. We have considered the Department's submissions and are unable to find any substance therein. s. 10(3)(Penalty for failure to ma....