9911796707
TMI Blog2007 (7) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of duty. The assessee has also invited our attention, in this connection, to the provisions of Section 271(1)(c) of the Income Tax Act which according to the assessee is identically worded to Section 11AC of the Central Excise Act. The assessee has also placed reliance on a recent judgment of the Division Bench of this Court in the case of Dilip N. Shroff v. Joint Commissioner of Income Tax, Mumbai & Anr. [2007 (8) SCALE 304], decided on 18th May, 2007. 5. At this stage, we may mention that in the present cases, we are also concerned with interpretation of Section 3A of the Central Excise Act and Rule 96ZQ(5) of the Central Excise Rules which refers to failure on the part of an independent processor to pay duty by specified date. In this connection, it is the case of the Department that clause (5) of Rule 96ZQ specifically refers to payment of penalty equal to amount of duty outstanding from the assessee. It is the case of the Department that penalty under the said rule is also for statutory offences; that it is not a case of imposition of penalty and that it is not a case where the adjudicating authority has any discretion in the matter of imposition of penalty. In this connec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply with notices, concealment of income, etc. (1) If the Assessing Officer or the Commissioner (Appeals) or the Commissioner in the course of any proceedings under this Act, is satisfied that any person- (a) & (b) * * * * (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty,- (i) & (ii) * * * * (iii) in the cases referred to in clause (c) or clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefits the furnishing of inaccurate particulars of such income or fringe benefits : Explanation 1. - Where in respect of any facts material to the computation of the total income of any person under this Act,- (A) such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the Commissioner to be false, or (B) such person offers an explanation which he is not able to subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, 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 deemed to have concealed the particulars of his income in respect of such assessment year, notwithstanding that such person furnishes a return of his income at any time after the expiry of the period aforesaid in pursuance of a notice under Section 148. Explanation 4. - For the purposes of clause (iii) of this sub-section, the expression 'the amount of tax sought to be evaded', - (a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished has the effect of reducing the loss declared in the return or converting that loss into income, means the tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income; (b) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys the tax, together with interest, if any, in respect of such income. Explanation 6. - Where any adjustment is made in the income or loss declared in the return under the proviso to clause (a) of sub-section (1) of Section 143 and additional tax charged under that section, the provisions of this sub-section shall not apply in relation to the adjustment so made. Explanation 7. - Where in the case of an assessee who has entered into an international transaction defined in Section 92B, any amount is added or disallowed in computing the total income under sub-section (4) of Section 92C, then, the amount so added or disallowed shall, for the purposes of clause (c) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed or inaccurate particulars have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) or the Commissioner that the price charged or paid in such transaction was computed in accordance with the provisions contained in Section 92C and in the manner prescribed under that section, in good faith and with due diligence." 6. In our view, the basic scheme for impo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
