Law:

Section:

Section 273, read with section 209A, of the Income-tax Act, 1961 - Penalty - For false estimate of or failure to pay advance tax - Assessment year 1988-89 - Assessing Officer issued a notice to assessee as to why penalty should not be imposed upon him for his failure to submit estimate of advance tax for relevant assessment year - However, before assessee could appear before Assessing Officer on stipulated date, impugned order of penalty was passed by Assessing Officer ex parte - Appellate authority deleted penalty, holding that assessee had committed only technical default in filing Form No. 29 instead of 28A and that there was no wilful default on part of assessee, which finding was confirmed by Tribunal - Whether appellate authority and Tribunal had come to a concurrent finding and, hence, no interference was called for - Held, yes CASE REFERRED TO Hind Products (P.) Ltd. v. CIT [1980] 121 ITR 903 (Bom.) [Para 6]. S.K. Posti for the Appellant. Vikram Gulati for the Respondent. JUDGMENT S.H. Kapadia, CJ. - Being aggrieved by the decision of the Tribunal deleting the penalty imposed by the Assessing Officer, the Department has filed this appeal under section 260A of the Income-tax Act. 2. The appeal is in respect of the assessment year 1988-89. 3. The question which we are required to answer in this appeal is as follows : "Whether the Tribunal was right in deleting the penalty imposed by the Assessing Officer under section 273(1)(b) of the Income-tax Act for the assessment year 1988-89 ?" 4. The assessee filed its return of income on 29th June, 1988, declaring a loss of Rs. 1,52,15,207. The assessment was completed under section 143(1)(a). The total income was determined at Rs. 4,92,501 after giving effect to section 115 of the IT Act. The Assessing Officer issued notice under section 273(1)(b) of the IT Act on the ground that the assessee has failed to submit estimate of advance tax under Form No. 29. The Assessing Officer, therefore, imposed penalty of Rs. 50,000. According to the Assessing Officer, the assessee failed to file the estimate of advance tax under section 209A of the IT Act. He, therefore, imposed penalty of Rs. 50,000. Being aggrieved, the…

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