9911796707
TMI Blog2002 (9) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Act, 1961 (for short "the Act"), is directed against the order, dated April 16, 2001, passed by the Income-tax Appellate Tribunal, Delhi Bench (for short "the Tribunal"), in I. T. A. No. 6733/Delhi of 1995. By the impugned order the Tribunal has dismissed the appeal filed by the assessee against the levy of penalty of Rs. 70,000 under section 273 of the Act in respect of the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the head "Income from other sources". Since the total income so computed was a positive figure, the Assessing Officer initiated penalty proceedings against the assessee under section 273 of the Act as the assessee had not paid advance tax. After affording an opportunity to the assessee, the Assessing Officer levied a penalty of Rs. 70,000 under the said section. The penalty so levied was upheld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eserves to succeed in the appeal. As noticed above, the Tribunal has sustained the penalty levied under section 273 of the Act only on the ground that the total income for the relevant assessment year, as computed by the Assessing Officer being Rs. 12,26,394, the assessee was required to pay advance tax. On the contrary, the stand of the assessee was that its total income for the relevant assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of this year. It is axiomatic that if there is no liability to pay income-tax, there is no obligation to pay advance tax and consequently no occasion for levy of penalty for non-payment of advance tax. In that view of the matter, we feel that it is unnecessary to go into the question as to whether the assessee had failed to furnish a statement of advance tax without any reasonable cause, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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