Law:

Section:

Section 13 of the Interest-tax Act, 1974 - Penalty - For concealment of chargeable interest - Whether non-filing of return voluntarily under section 7 would not entail provision for imposing penalty under section 13 - Held, yes - Whether provisions of section 271(1)(c) of Income-tax Act, which is a separate and independent Act, cannot be invoked for purpose of levying penalty under Interest-tax Act - Held, yes Section 8 of the Interest-tax Act, 1974 - Assessment - Whether where return furnished by assessee did show an amount of chargeable interest and in assessment it was enhanced but finally assessment was made of same amount which had been furnished by assessee on effect being given to order passed in appeals, argument of revenue that interest would be charged on difference of chargeable amount as against amount so disclosed in return and as determined by assessing authority could not be accepted - Held, yes Pradeep Agarwal for the Appellant. P.J. Pardiwalla for the Respondent. ORDER 1. Heard the learned counsel for the appellant Sri Pradeep Agarwal and Sri P.J. Pardiwalla, the learned counsel for the respondents. 2. This appeal under section 260A of Income-tax Act has been filed by the revenue challenging the order passed by the Commissioner of Income-tax (Appeals) as well as by the Income-tax Appellate Tribunal, by means of which the penalty imposed under the Interest-tax Act by the assessing authority has been set aside. 3. The admitted facts as emerged from the record and stated by the learned counsel for the parties are that the assessee-Financial Company was required to file return up to 31-12-1995. Since the return was not furnished a notice under section 10(a) of the Act was issued to the assessee on 15-4-1996 requiring him to furnish a return of chargeable interest within 30 days. But finding failure on the part of the assessee which did not comply with the aforesaid direction, a second notice was issued on 24-9-1996. The assessee-company filed return on 31-10-1996. The company has shown an amount of Rs. 46,13,91,700 as total chargeable interest whereas the assessment was made under section 8(2) of the Act on 4-2-1997 determining the chargeable…

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