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2007 (8) TMI 670 - MADRAS HIGH COURTBelated return - penalty imposed - Held that:- Admittedly, in the present case, the last date for filing returns for the financial year 2001-02 was April 20, 2002 and the petitioner-company have submitted their returns within the specified period. Though the assessment proceedings have been commenced in the year 2002 and the department issued a show-cause notice, dated July 28, 2004, the respondent has passed the impugned assessment order only on July 30, 2007, after three years from the date of issue of notice. It is explicit under section 8(5) that no order of assessment under sub-section (3) or (4) shall be made after the expiry of three years from the last date prescribed for filing of returns of the particular period. The impugned order is set aside, in respect of its effect for the period between September 2001 to March 2002 and in respect of tax for the period from April 1, 2001 to August 17, 2002, the assessing authority has stated that the monthly tax due has been paid belatedly.Therefore, as regards the penalty under section 15(2) of the Act for the belated payment is concerned, the respondent is directed to issue a fresh notice, calling upon the petitioner to file their objection and provide an opportunity of personal hearing as contemplated under the Act. It is made clear that the impugned order is set aside only for the limited extent of penalty period between September 2001 to March 2002
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