2001 (8) TMI 33

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....g that penalty is not leviable under section 9 of the Surtax Act if the assessee has filed the return under section 5(2) of that Act but had failed to file the return under section 5(1) of that Act?" The dispute relates to the assessment year 1973-74. The factual position in a nutshell is as follows: The assessee a public limited company was required to furnish its return of income of chargeable profits under section 5(1) of the Surtax Act, 1964, by September 30, 1973. However, the assessee filed its return on October 30, 1974, in response to a notice under section 8(a) of the Surtax Act. Penalty was levied under section 9(a) by the Assessing under section 9(a) by the Assessing Officer on the ground that the assessee has failed to com....

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....ocuments or other evidence required by the Income-tax Officer under sub-section (1) of section 6, or has concealed the particulars of the chargeable profits or has furnished inaccurate particulars of such profits, he may direct that such person shall pay, by way of penalty, in addition to the amount of surtax payable, a sum not exceeding-- (a) where the person has failed to furnish the return required under section 5, the amount of surtax (chargeable under the provisions of this Act); (b) in any other case, the amount of surtax which would have been avoided if the return made had been accepted as correct: Provided that the Income-tax Officer shall not impose any penalty under this section without the previous authority of the Inspecting....