1988 (10) TMI 24

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....see was required to file its return of income for the said assessment year on or before June 30, 1969, but, in fact, the return was filed by the assessee for the first time on October 30, 1970. The case of the assessee is that it filed an application for extension of time for filing its returns in the prescribed form on September 30, 1969. Such application, it appears, was filed after the expiry of the time prescribed under section 139(1) of the Act and in the said application, extension of time was sought only up to March 31, 1970. Notice under section 274 read with section 271(1)(a) of the said Act of 1961 dated March 21, 1973, was served by the Income-tax Officer on the assessee. The assessee filed an explanation in response to the....

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.... the assessment and the said appeal was dismissed. From the order of the Appellate Assistant Commissioner, the assessee filed a further appeal before the Income-tax Appellate Tribunal. All the contentions of the assessee raised in the earlier proceedings were, reiterated before the Tribunal. The Tribunal rejected all the contentions of the assessee except one. The Tribunal noted that in an appeal by the assessee against the order of assessment for the said assessment year, the Income-tax Appellate Tribunal, Patna, had set aside the assessment on the ground that the same was time-barred. The Tribunal held that, by reason of the cancellation of the said assessment, no tax would be payable by the assessee and as such penalty under sectio....

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....ed that any person (a) has without reasonable cause failed to furnish the return of total income which he was required to furnish under sub-section (1) of section 139 or by notice given under sub-section (2) of section 139 or section 148 or has without reasonable cause failed to furnish it within the time allowed and in the manner required by sub-section (1) of section 139 or by such notice, as the case may be, or ... he may direct that such person shall pay by way of penalty, (i) in the cases referred to in clause (a), . . . (b) ... in addition to the amount of the tax, if any, payable by him a sum equal to two per cent. of the assessed tax for every month during which the default continued..." It is clear from the provisions o....