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TMI Blog2009 (10) TMI 589X X X X Extracts X X X X X X X X Extracts X X X X ..... able interest assessed by the Assessing Officer and chargeable interest returned by the assessee ?" 2. Briefly stated the facts of the case are that for the assessment year 1992-93 the assessee filed no return under the Interest-tax Act, 1974 (hereinafter referred to as "the Act"). Notice under section 10 of the Act was issued to the assessee on September 12, 1995. In response to the notice the assessee filed a return declaring chargeable interest at Rs. 7,18,86,395. The assessment was completed on February 26, 1998. The chargeable interest was assessed at Rs.15,21,18,010. Therefore, additional demand was raised. The appeal filed by the assessee against the assessment order was allowed to a limited extent and fresh assessment was or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from April 1, 1989 reads as under : `Where any person who has not previously been assessed under this Act, fails, without reasonable cause, to furnish within the period specified in sub-section (1) of section 153 a return of his income which he is required to furnish under section 139 in respect of any assessment year commencing on or after the first day of April, 1989, and until the expiry of the period aforesaid, no notice has been issued to him under clause (i) of sub-section (1) of section 142 or section 148 and the Assessing Officer or the Commissioner (Appeals) is satisfied that in respect of such assessment year such person has taxable income, then, such person shall, for the purposes of clause (c) of this sub-section, be de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. This was the only ground on which the imposition of penalty was set aside. 6. There can be no dispute with the finding of the Tribunal that section 271(1)(c) of the Income-tax Act could not be taken into consideration while imposing the penalty. Section 21 of the Interest-tax Act makes certain provisions of the Income-tax Act applicable to proceedings under the Interest-tax Act. Section 271 is not included therein. Therefore, there can be no quarrel with the proposition that section 271(1)(c) was wrongly invoked by the Assessing Officer and the Commissioner of Income-tax. However, as is apparent from the portion of the order of the Assessing Officer quoted hereinabove, section 271(1)(c) was only one of the four grounds w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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