TMI Blog1994 (8) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... pectively u/s 139(1) of the Act. (2) The returns of income could also be filed u/s 139(4) of the Act till 31-3-1987 and 31-3-1988 respectively for the two years. (3) A search and seizure proceeding was conducted at the premises of the assessee on 6-11-1986. There is nothing on record to establish that any money, bullion or jewellery was found at the premises. It is also notable that the returns of income for the years concerned in this case were not filed till 6-11-1986 i.e. the date of search. (4) Nothing has been brought on our record regarding any proceedings conducted by the Department after 6-11-1986 and before 25-3-1987 when the returns for both the years were filed by the assessee disclosing incomes of Rs. 1,12,000/- and Rs. 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 71(1)(c) were, therefore, initiated in view of the Explanation 5 to section 271(1)(c) as the assessee deemed to have concealed the particulars of income or furnished inadequate particulars of such income. " The noting for assessment year 1985-86 is also similar except that instead of date of 31-7-84 the date 31-7-85 has been mentioned. The Assessing Officer, therefore, imposed penalties of Rs. 53,083 and Rs. 64,370 for both the years on the following grounds : (1) That though the assessee had substantial income based in several investments on properties, FDRs etc. no return of income was filed even after expiry of due date for filing the return u/s 139(1). (2) The provisions of Explanation 5 to section 271(1)(c) are applicable to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person who has not been previously assessed. (2) fails without reasonable cause to furnish return of income for asst. year 74-75 or any years subsequent thereto within two years from the end of the assessment year concerned, (3) where no notice has been issued to him u/s 139(2) or 148 till the expiry of the above two years period from the assessment year, and (4) the Assessing Officer or the first appellate authority, as the case may be, is satisfied that in respect of such assessment year such person had taxable income. [Emphasis supplied] 7. In this case this assessee was not previously assessed. She, however, furnished the returns of income for the assessment years 1984-85 and 1985-86 on 25-3-1987 which is within two years from th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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