1984 (1) TMI 175

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ded on 31st March, 1979. The assessee derives income from securities, property, other sources and share incomes from two firms. The assessee filed original return admitting income of Rs. 60,360 and revised return admitting income of Rs. 69,586 and the assessment was completed on 23rd June, 1981 on a total income of Rs. 70,460. As the assessee has not filed a statement of advance-tax required under s. 209A(1)(a), the ITO initiated penalty proceedings. The assessee in its reply to the show cause notice stated that as per the firm's assessment, M/s S.K.S. Rajamani Nadar (Salt Trade). Tuticorin, for asst. yr. 1977-78 dt. 14th Feb., 1978, the share income of the assessee determined as 'nil' and in terms of Explanation under cl. (d) of sub-s. (1)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ms of s. 209A(1)(a) of the Act. Since there was no liability to file the statement, the penalty imposed was untenable in law. The learned Departmental Representative on the other hand, supported the orders of the authorities. 5. We have duly considered the rival contentions. At the outset it has to be observed that the admitted position was that the total income in terms of s. 208(2) did not exceed the limits specified therein. The question was whether the assessee should have filed a statement of advance-tax admitting 'nil' income and a higher estimate on or before the last instalment of advance-tax as held by the ITO. Sec. 209A(1) requires so far as the assessee is concerned to file on or before the first instalment of advance-tax was du....