TMI Blog1984 (1) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... income from securities, property, other sources and share incomes from two firms. The assessee filed original return admitting income of Rs. 60,360 and revised return admitting income of Rs. 69,586 and the assessment was completed on 23rd June, 1981 on a total income of Rs. 70,460. As the assessee has not filed a statement of advance-tax required under s. 209A(1)(a), the ITO initiated penalty proceedings. The assessee in its reply to the show cause notice stated that as per the firm s assessment, M/s S.K.S. Rajamani Nadar (Salt Trade). Tuticorin, for asst. yr. 1977-78 dt. 14th Feb., 1978, the share income of the assessee determined as nil and in terms of Explanation under cl. (d) of sub-s. (1) of s. 209 it has to be substituted and if so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was no liability to file the statement, the penalty imposed was untenable in law. The learned Departmental Representative on the other hand, supported the orders of the authorities. 5. We have duly considered the rival contentions. At the outset it has to be observed that the admitted position was that the total income in terms of s. 208(2) did not exceed the limits specified therein. The question was whether the assessee should have filed a statement of advance-tax admitting nil income and a higher estimate on or before the last instalment of advance-tax as held by the ITO. Sec. 209A(1) requires so far as the assessee is concerned to file on or before the first instalment of advance-tax was due if his current income is likely to excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income or loss for the purposes of computation of advance tax. It is also not a case of application of cl. (d) of s. 209(1) of the Act with reference to payment of self-assessment tax for a later year or amendment of order under s. 210(3) by the ITO. Therefore, if advance-tax payable were to be computed in accordance with ss. 208 to 219 inclusive of s. 209(1)(d) and the Explanation thereto, the condition regarding total income under s. 208(2) should be satisfied r/w Explanation to s. 209(1)(d). Even s. 209A(1) clearly specifies that "if his current income is likely to exceed the amount specified in sub-s. (2) of s. 208". Therefore, when once it is found that the current income is not likely to exceed the amount specified in s. 208(2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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