Law:

Section:

)/[2008] 306 ITR 18 [2007] 164 TAXMAN 195 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax, Patiala v. Dhiman Iron & Steel Co. (P.) Ltd.* M.M. KUMAR AND AJAY KUMAR MITTAL, JJ. IT REFERENCE NOS. 87 AND 87A OF 1998 JULY 25, 2007 Section 9, read with section 5, of the Companies Profits Surtax Act, 1964 - Penalties - Assessment years 1981-82 and 1982-83 - Whether no penalty is leviable under section 9 for late filing of return, if that return, which is required to be filed under section 5, has been filed before completion of assessment - Held, yes FACTS The assessee filed its return on 23-2-1985, which was required to be filed under section 5(1) by 30-9-1982. The Assessing Officer imposed penalty under section 9 for late filing of return. On appeal, the Commissioner (Appeals) deleted the penalty holding that no penalty was leviable for late filing of return if the return had been filed before completion of the assessment and it was an admitted-fact that the assessment was completed on 1-9-1989, much after the filing of return. On the revenue's appeal, the Tribunal upheld the order of the Commissioner (Appeals). On reference : HELD A plain reading of section 5(1) would show that the return by an assessee has to be filed before 30th 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. [Para 6] A perusal of the provision of section 9 would show that if the Assessing Officer is satisfied that any person has without a reasonable cause failed to furnish the return required to be filed under section 5, then penalty may be imposed on him. [Para 7] The Division Bench of Kerala High Court in CIT v. Cochin Malabar Estates & Industries Ltd.[1995] 212 ITR 377/78 Taxman 515 took the view that section 9 would be attracted only if the Assessing Officer is satisfied that the assessee has failed to furnish the return…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492