COMMISSIONER OF INCOME TAX Vs. LAXMI RATTAN COTTON MILLS COMPANY LIMITED

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Allahabad, has under Section 256(1) of the Income-tax Act, 1961, referred the following two questions for our opinion :

(2.) THE assessee did not file his return for the assessment year 1958-59 by November 15, 1958, up to which date the Income-tax Officer had allowed time. THE return was filed on February 18, 1959, after about three months of the expiry of that date. After the assessment had been completed on April 1, 1962, the Income-tax Officer initiated penalty proceedings under Section 271(1)(a) of the Income-tax Act, 1961, and after giving an opportunity to the assessee, imposed a penalty of Rs. 1,00,348.

(3.) INASMUCH as the answer to the question referred depends on the interpretation to be put on Section 271(1)(a)(i) of the Act, we are extracting that section :--