Law: Income Tax Act, 1961

Section: 139

CHINNAPPA RBDDY J.--The assessee submitted his returns of income beyond the period prescribed by section 139(1) of the Income-tax Act, 1961. The Income-tax Officer accepted the returns and proceeded with the assessment. He charged interest under the third clause of the proviso to section 139(1) of the Act. He also levied penalty under section 271(1)(a) of the Act on the ground that the assessee had failed without reasonable cause to furnish the returns of income which he was required to furnish under section 139(1). Under the third clause of the proviso to section 139(1), the Income-tax Officer is empowered, in his discretion, on an application by the assessee to extend the date for furnishing a return of income up to any period, in which case interest at 6% shall he payable by the assessee from the first day of October or the 1st day of January, as the case may be, of the assessment year to the date of the furnishing of the return. Since interest is chargeable under the third clause of the proviso only when the Income-tax Officer extends the time for the furnishing of the return on the application of the assessee, the Appellate Tribunal…

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