Suhas Chandra Sen, J. - (1.) In this reference, the question referred by the Tribunal under Section 256(1) of the Income-tax Act, 1961 (the "Act"), is as follows : "Whether an assessment framed under Section 143(3)/147(a) of the Income-tax Act, 1961, constituted 'regular assessment' in the course of which penalty under Section 273(b) of the said Act can be levied ?"
(2.) The facts of the case, as found by the Tribunal, are as follows : The assessee is Smt. Radha Devi Poddar as legal representative of the late Roshanlal Poddar. The assessment years involved are 1961-62 to 1964-65.
(3.) The deceased did not file any return of income. In the course of a raid by the Department on July 17, 1976, some books of account in respect of the business carried on under the name and style of Shankar Textiles at 203/1, Mahatma Gandhi Road, Calcutta, were recovered and seized from the residence of the deceased. The Income-tax Officer initiated proceedings under Section 147(a) read with Section 148 of the Act for making the assessments of the assessee for the years under consideration. The Income-tax Officer completed the assessments under Section 143(3)/ 147(a) of the Act against the deceased for the assessment years under consideration determining the total income at Rs. 22,36,716 for the assessment year 1961-62, Rs. 2,01,920 for the assessment year 1962-63, Rs. 5,17,070 for the assessment year 1963-64 and Rs. 1,75,730 for the assessment year 1964-65. As the assessee had not filed any estimates of advance tax under Section 212(3) of the Act, the Income-tax Officer held that the assessee came within the mischief of Section 273(b) of the Act and, on that basis, he imposed a penalty of Rs. 13,500 for the assessment year 1961-62, Rs. 11,000 for the assessment year 1962-63, Rs. 32,000 for the assessment year 1963-64 and Rs. 2,500 for the assessment year 1964-65.;