Interpretation of Sec.273A(4).

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..... corded on page 10-11 (N/S) of Board's File No. 281/33/85-I.T (Investigation-III) Notes in the Ministry of Law Justice Department of Legal Affairs Advice (B) Section. The question involved in this case is about the interpretation of section 273A (4) of the Income-tax Act. The said provision reads as follows :- (4) Without prejudice to the powers conferred on him by any other provision of th .....

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..... ch amount. Under section 271 and 273 of the Income-tax Act, the ITO or the Appellate Assistant Commissioner (under section 271) have power to levy penalty for failure to furnish returns, comply with notices, concealment of income, false estimate or failure to pay advance tax etc. The provisions of sub-section (4) of section 273-A provide for reduction or waiver of amount of penalty payable by the .....

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..... t existing in a person, by the formal judgment or decree of a competent court, at the instance and suit, or the obtaining by such judgement, of some right or property which has been taken or withheld from him'. 3. We are, therefore, of the view that unless a penalty is levied, there cannot be any proceedings under sub-section (4) of the section 273A of the Act. The assessee will file application .....

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