1978 (10) TMI 68

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....of the Income-tax Act, 1961. For the asst. yrs. 1967-68 for the previous year ended31st Dec., 1966, the appellant was called upon to pay a sum of Rs. 4,74,348 as advance tax by the ITO under s. 210 of the Act on the basis of the last completed assessment. In response to the said notice, the appellant filed an estimate under s. 212(1) of the Act estimating his total income of Rs. 2,28,228 and paid ....

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....therefore, he was liable to a penalty under s. 273(a) of the Act which he levied at Rs. 40,000. 3. On appeal, the AAC repelled the appellant's contentions against the levy of penalty but reduced the amount to the minimum penalty of Rs. 12,650. The appellant is dissatisfied with this order of the AAC and has come up in appeal to the Tribunal. 4. We have heard Shri. H.G. Malik, the learned cou....

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....d held that there was a sub-partnership and that the income of the appellant's wife and minor son would be included in hands of the appellant under s. 64 of the Act. The AAC relied on the orders of the Tribunal in the appellant's case upholding this assessment. But we find that for the later asst. yrs. 1969-70 and 1970-71, the Tribunal have accepted the appellant's case and directed the exclusion ....