TaxTMI 
TaxTMI 
1985 (1) TMI 84
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....y as sustained by the Commissioner (Appeals), to be excessive for all the five years. The objections raised are separately dealt with below. 2. Before dealing with the assessee's plea, relating to the penalties being barred by limitation, we will give below certain relevant data as was furnished in a statement of facts filed before the Commissioner (Appeals) : ------------------------------------------------------------------------------------------------------------------------------------------------- Assess- Penalty levied Dates of Dates of First letter Dates of Dates of the ment by IAC/ penalty filing of of the ITO Filing of assessment year Commissioner orders return regarding Form order (Appeals) under filing of No. 50 section F....
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....sel. Section 275(b) postulates a scheme where penalty action is to be initiated in the course of the completion of the proceedings. This is not true about the imposition of a penalty under section 272A(2)(a). Section 285 casts a duty for furnishing a prescribed return in Form No. 50 on the person responsible for paying any interest exceeding Rs. 400 and giving names and addresses of all persons to whom interest exceeding that limit during the previous financial year had been paid. The ITO's enquiry about the failure to furnish such a return will not give rise to any proceeding of the nature referred to in section 275(b). Section 272A in sub-section (2) provides for levy of penalty for failure to carry out this duty. The situation prescribed....