Estate Duty - Interpretation of Sec.73A - Applicability of penalty.

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....ent of Estate Duty proceedings by revenue authorities beyond the statutory period of 5 years but if the proceedings have commenced otherwise, it does not operate as a bar to their completion. In other words there is no bar to the completion of assessment on the basis of a voluntary return filed beyond the statutory period of 5 years. It was further advised that in a case where the assessment is ca....

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....ate filing of the return can be initiated and the penalty levied in pursuance of the same. This is so because:- (i) Section 73A only bars the commencement of the proceedings by the revenue authorities. (ii) The provisions for filing a return are contained in section 53 and section 56 of the ED Act. Thus the return filed voluntarily even after the expiry of the said period of the limitation presc....