2002 (7) TMI 55

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....ollowing question of law is referred to this court for its opinion: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that no penalty under section 271(1)(a) could be levied against the registered firm for delay in filing the return when the advance tax paid by the firm exceeded the assessed tax pay able by the firm and the assessmen....

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.... was entitled to a refund and hence no penalty was leviable, is correct in law. While dealing with this question, this court has referred to the decision of CIT v. Damjibhai and Brothers [1976] CTR 23 (Guj) and CIT v. Jasbhai Motibhai and Co. I.T.R. No. 205 of 1975, decided on February 26, 1979. Following the ratio laid down by this court in these two decisions, this court has taken the view th....