TaxTMI 
TaxTMI 
2010 (3) TMI 452
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.... Mrs. B. V. Nagarathna J.- The Revenue has preferred this appeal challenging the order dated March 14, 2005 passed in I. T. A. No. 343/ Bang/2003 by the Appellate Tribunal raising the following substantial questions of law : "(1) Whether the Tribunal was correct in holding that the penalty under section 271(1)(a) of the Act is liable to be cancelled by accepting the reasonable cause assigned by t....
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....nder section 143 read with section 147 of the Income-tax Act and was completed on March 27, 1997. The Assessing Officer, however initiated proceedings under section 271(1)(a) of the Act and notices were issued requesting the assessee to show cause as to why penalty under the said provision should not be levied for filing return of income belatedly. The respondent-assessee explained stating that he....
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....ave heard learned counsel for the Department and learned counsel for the respondent-assessee. 4. It is pointed out that on behalf of the assessee, that the reason for the belated filing of the income-tax returns was for not having sufficient funds to pay the tax and therefore, the said explanation is a valid and sufficient cause. But the Assessing Officer did not accept the same and had erroneous....
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....ilding which was demolished and con-structed. Therefore, it was incumbent on the assessee to first pay the tax that were due by filing the return in time and thereafter utilise the balance funds for other purposes. 6. A citizen is under a duty to pay his taxes regularly and honestly. There is behind every taxation a moral sanction as it is behind every welfare legislation. Taxes are in fact the l....