1978 (7) TMI 83

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....ENKATARAMAIAH J.-The assessee is a registered firm and the assessment year is 1969-70. The return of income was due to be filed by it in respect of the assessment year on or before June 30, 1969. A notice under s. 139(2) of the I.T. Act, 1961 (hereinafter referred to as "the Act"), was served on the assessee on July 3, 1969. Inspite of this and several other notices that were issued under s. 142(1....

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....rcumstances of the case, the calculation of the penalty by applying the provision of section 271(2) of the Income-tax Act, 1961, is valid in law?" In so far as the first question is concerned the contention of the assessee is that since interest had been levied under cl. (iii) of the proviso to s. 139(1) of the Act, the ITO must be deemed to have condoned the delay in filing the return and henc....

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.... (iii) of the proviso to sub-section (1) shall apply in every such case; (b) the period referred to in clause (a) shall be-... (iii) where the return relates to a previous year relevant to any other assessment year, two years from the end of such assessment year." In the instant case it is not the case of the assessee that it had in fact made an application for extension of time to file t....

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.... unregistered firm which has been assessed under cl. (b) of s. 183, then notwithstanding anything contained in the other provisions of this Act, the penalty imposable under sub-s. (1) shall be the same amount as would be imposable on that firm if that firm were an unregistered firm. The contention of Sri S. P. Bhat, learned counsel for the assessee, is that sub-s. (2) of s. 271 of the Act would....