JUDGMENT :

B.K. Mehta, J.

The following question is referred to us at the instance of the assessee for our opinion under section 256(1) of the Income-tax Act, 1961 :

"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law '.in holding that the penalty under section 271(1)(a) of the Income-tax Act, 1961, was rightly imposed on the registered firm even when it had paid excess advance tax?"

2. A few facts need be noticed in order to appreciate the dispute between the assessee and the Revenue in this reference. The assessment year under reference is 1968-69 and the assessee was required to file a return of income by June 30, 1968. The said return was filed on November 10, 1970, though in the statement of the case, it has been stated to be November 10, 1971. However, having regard to the date of the order of assessment wherein the correct date has been stated, we have, with the consent of the parties, taken this date of filing the return as November 10, 1970. The assessee returned an income of Rs. 51,759. It is common ground that the assessee had paid interest under section 139(8) till the date of filing of the return. However, in view of the delay in