1997 (3) TMI 12

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....976, dated March 4, 1980. The judgment is reported in [1980] 125 ITR 630 --- CIT v. N. D. Georgopoules. Stated briefly, for the assessment year 1965-66, the assessee filed a nil return. The return was accepted. The file was closed. The office also issued the assessment form and a demand notice under section 156 of the Act mentioning the amount demanded as "nil". The Income-tax Officer could not....

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....stant Commissioner. In the second appeal the Appellate Tribunal held that the assessee had been assessed by a regular assessment for the year 1965-66 and so the assessee was under no obligation to furnish an estimate under section 212(3) and, therefore, the charge of penal interest was not proper. The mistake in levying penal interest should be rectified under section 154 of the Act. At the ins....