2006 (1) TMI 108

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....rdiwalla, learned counsel for the respondents. This appeal under section 260A of Income-tax Act, 1961 has been filed by the Revenue challenging the order passed by the Commissioner of Income-tax (Appeals) as well as by the Income-tax Appellate Tribunal, by means of which the penalty imposed under the Interest-tax Act by the assessing authority has been set aside. The admitted facts as emerge....

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....ny preferred an appeal before the Commissioner and after giving effect to the order of the Commissioner of Income-tax (Appeals), it was again determined at Rs. 46,13,91,700. This is the amount that was shown in the return furnished by the company itself. The assessing authority, however, issued a notice for imposing penalty under section 13 of the Act as according to him the return having not b....

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....r of assessment and that the" Explanation" which applies under the Income-tax Act could not be attracted in the case of the Interest-tax Act. The Commissioner of Income-tax recorded a finding that non-filing of the return voluntarily and filing the same by the assessee only after a notice was issued under section 10 of the Act cannot be taken to be concealment of chargeable interest and that there....

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....horities that the provisions of section 271(1)(c) of the Income-tax Act or the Explanation attached to section 148 of the Income-tax Act which is a separate and independent Act could not have been invoked for the purpose of levying penalty under the Interesttax Act, does not suffer from any illegality. Equally we do not find any force in the aforesaid argument of learned counsel for the appella....