1990 (3) TMI 94

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....resaid facts initiated penalty proceedings under s. 273(1)(b) for the alleged failure on the part of the assessee to file a statement of advance tax within the meaning of s. 209(1)(A). In response to the show-cause notice it was urged that a statement of advance tax was required to be furnished before the date on which the first instalment of advance tax was due if and only if the assessee's current income was likely to exceed the amount specified in sub-s. (2) of s. 208. Attention was also invited to the fact that the assessed income for the preceding four asst. yr. s. viz., 1975-76 to 1978-79 had been computed at figures which were below the taxable limit or at Rs. Nil. It was also stated that in respect of asst. yr. 1978-79 that being th....

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.... course of hearing was not even dealt with. 6. The learned counsel for the appellant reiterated arguments as advanced before the tax authorities and once again invited our attention to the assessed figures of income for the immediately four preceding assessment years. for the submission that all these assessments had been completed at either Nil income or income which was below the taxable limit. He also referred to the scheme of s.209A as highlighted in CBDT Circular No. 240 dt, 17th May, 1978. It was submitted that s. 209A had come about on the statute book w.e.f. 1st June, 1978 and as far as the assessee was concerned it was absolutely a new provision of law since its on accounting period ended on 31st March, 1979. In drawing our atten....