2014 (11) TMI 808

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....sequent to the survey conducted by the Department, the assessee filed a revised return on 14.2.1984 disclosing income of Rs. 38,48,807/-. The return was regularized by issue of a notice under Section 148 and the assessment was completed under Section 143(3) read with Section 147, determining total income at Rs. 38,96,280/-. The Assessing Officer initiated penalty proceedings and finally levied a penalty of Rs. 6,00,000/- under Section 273(2) (a) by an order dated 5.12.1991. 2. The assessee went in appeal before the C.I.T.(A) and the C.I.T.(A) vide his order No.CAS/943/91-91 dated 20.7.1992 dismissed the appeal. Not satisfied with this order, the assessee preferred an appeal before the I.T.A.T. The Tribunal vide its common order ITA No.3710....

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....ction 273(2)(aa) was initiated during reassessment proceedings. 5. Learned advocate Mr.Soparkar relied upon the decisions in the case of French Dyes and Chemicals (India) Pvt. Ltd. V/s Commissioner of Income-Tax, reported in 1991 ITR 609 (Bombay) wherein in head-note it is mentioned as under:                "PENALTY-FAILURE TO PAY ADVANCE TAXPENALTY IS VELIABLE ONLY IN THE COURSE OF "REGULAR ASSESSMENT" - "REGULAR ASSESSMENT" MEANS AN ASSESSMENT UNDER SECTION 143 OR SECTION 144 - MEANS THE INITIAL OR FIRST ORDER OF ASSESSMENT AND NOT ANY SUBSEQUENT ORDER OF ASSESSMENT - INCOME-TAX ACT, 1961, ss.143, 144, 210, 273." 6. He further relied on the decision in the case of Co....

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.... paragraph 9 is mentioned that:            "By way of illustration, one more provision may be referred to. That provision is contained in s.263 of the Act, which deals with the revisional jurisdiction of the Commissioner. Subsection (2) of section 263 specifically provides that "no order shall be made under sub-section (1)(a) to revise an order of reassessment made under section 147". The illustrations pointed out by Mr.Dastur highlight the fact that a "regular assessment" under ss.143 and 144 and reassessment under s.147 have been separately dealt with in the different provisions of the Act. Therefore, having regard to the terminology used in s.273, it will be difficult to hold that the wo....