TMI Blog2007 (7) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT The judgment of the court was delivered by M.M. KUMAR, J. - The Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh ('the Tribunal'), at the instance of the revenue, while exercise jurisdiction under Section 256(1) of the Income-tax Act, 1961 ('the Act'), has referred the following question of law, which is claimed to have arisen from order dated 27.8.1997, passed in S.T.A. Nos. 11 and 12 of 1992, in respect of assessment years 1981-82 and 1982-83:- "Whether on the facts and in the circumstances of the case, the ITAT was right in law in holding that no penalty for late filing of return has been prescribed in the Companies (Profits) Surtax Act, 1964?" 2. The assessee filed its return under the Companies (Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time before completion of the assessment. 5. We have thoughtfully considered the submission made by the learned counsel and regret our inability to accept the same. It would be appropriate to make a reference to Section 5 of the 1964 Act, which reads as under:- " 5. Return of chargeable profits. - (1) In the case of every company whose chargeable profits assessable under this Act exceeded, during the previous year, the amount of statutory deduction, its principal officer, or where in the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Act, such person, shall furnish a return of the chargeable profits of the company during the previous year in the prescribed form and verifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the return by an assessee has to be filed before 30 th September of the assessment year. The date for filing the return in the discretion of the Assessing Officer could be extended. However, a plain reading of sub-section (3) clarifies that if any assessee has not furnished a return during the time allowed under sub-section (1) or sub-section (2) then such an assessee may furnish a return at any time before the assessment is made. It would also be appropriate to refer to Section 9 of the 1964 Act, at this stage and the same reads as under:- " 9. If the Assessing Officer, in the course of any proceedings under this Act, is satisfied that any person has, without reasonable cause, failed to furnish the return required under section 5, or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acted only if the Assessing Officer is satisfied that the assessee has failed to furnish the return without any reasonable cause as required by Section 5. The observations of the Division Bench interpreting Sections 9 and 5(3) of the 1964 Act, read as under (page 380):- " The provisions of section 9 would, therefore, be attracted only if the Assessing Officer is satisfied that a person has, without reasonable cause, failed to furnish the return as required under section 5. Under section 5 (1), the assessee is required to file his return on or before September 30 of the assessment year. There is also power in the Assessing Officer to extend the date for furnishing the return. Section 5(3) further provides that any assessee who has not furn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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