TMI Blog2024 (1) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... e within the stipulated or reasonable time that the penalty should have been initiated. No doubt, the assessee has failed to furnish the return of income u/s 139(1) of the Act, but when the assessee received the notice u/s 148 of the Act, the assessee duly filed the return of income. But the assessee has not given any reason as to why he has not filed original return of income u/s. 139(1) of the Act on or before 31.03.2016. Therefore, the assessee is liable to pay the penalty u/s. 271F of the Act. The appeal of the assessee is dismissed. - Ms. Suchitra R. Kamble, Judicial Member For the Assessee : Shri Vinay Jalan, AR For the Revenue : Ms. Saumya Pandey Jain, Sr DR ORDER This appeal filed by the assessee is directed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay of penalty, a sum of Rs. 5000/-. The assessee did not file his return of income which was required to file by 31.03.2016. The assessee s case was reopened u/s. 147 of the Act for scrutiny and order u/s. 147 r.w.s. 144B of the Act was finalized on 25.03.2022 at an assessed income of Rs. 60,32,779/-. Notice u/s. 271F of the Act was issued on 25.03.2022 and served upon the assessee. The assessee filed his reply and after taking cognizance of the same, the Assessing Officer was satisfied that the assessee committed the default of failure to furnish the return of income before the end of the relevant assessment year i.e. on or before 31.03.2016 for AY 2015-16 and imposed penalty of Rs. 5000/- u/s 271F of the Act. 4. Being aggrieved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (1) of Section 139 of the Act; but the penalty was initiated after passing of assessment order u/s. 147 of the Act. The Assessing Officer has initiated the penalty u/s. 271F of the Act after the completion of assessment order u/s 147 of the Act. Though there is no time limit prescribed under the Act, it has to be within the stipulated or reasonable time that the penalty should have been initiated. No doubt, the assessee has failed to furnish the return of income u/s 139(1) of the Act, but when the assessee received the notice u/s 148 of the Act, the assessee duly filed the return of income. But the assessee has not given any reason as to why he has not filed original return of income u/s. 139(1) of the Act on or before 31.03.2016. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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