AMRIT NARAIN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) In respect of the assessment years 1980-81 and 1981-82, the petitioner had filed returns of income late by 7 months and 20 months respectively. In addition to the levy of Income Tax, the assessing authority levied penalty and interest for the late filing of the return and for non-payment of advance tax.

(2.) It appears that the petitioner filed an application to the Commissioner of Income Tax u/s 273A section waiver of penalty and also waiver of interest u/s 139(8) and 215.

(3.) The Commissioner of Income Tax, vide impugned order dated Nov. 6, 1990, came to the conclusion that the conditions specified in section 273A which would give jurisdiction to reduce or waive penalty and interest existed. It was held that though the return were filed late, they have been filed voluntarily prior to the issuance of notice u/s 139(2) or 148. It was also held that the petitioner had made full and true disclosures and that it co-operated with the inquiries relating to the assessment and the entire tax demand on completion thereof had been paid. Having come to this conclusion, the commissioner of Income Tax reduced the penalty and interest by 50% in respect of both the years.