1978 (2) TMI 16

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....ur opinion reads as follows : " Whether the Tribunal was right in holding that no penalty under section 271(1)(a) was leviable on the assessee as no tax was due from it on the date of imposition of penalty ? " The relevant part of s. 271(1) reads as follows : " (1) If the Income-tax Officer or the Appellate Assistant Commissioner in the course of any proceedings under this Act, is satisfi....

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....y the sum, if any, deducted at source under Chapter XVIIB or paid in advance under Chapter XVIIC ;..." It is an admitted fact that the assessee had paid advance tax under Chap. XVIIC and the amount paid was in excess of the tax assessed. In these circumstances, there is no amount on which two per cent. of the tax can be calculated for the purpose of s.271(1)(a)(i)(b). The question considered in....