1981 (9) TMI 182

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.... 1,550 u/s 273 (C) of the IT Act, 1961. 2. In respect of the asst. yr. 1976-77, a notice u/s 210 of the IT Act was served on the assessee requiring it to pay advance tax on the last assessed income of Rs. 98,770. The assessee paid the advance tax as demanded. Later on the return of income filed by the assessee for the asst. yr. 1976-77 disclosed an income of Rs. 1,67,070. The assessee, however,....

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....estimate of higher income." The ITO was not convinced with the assessee's explanation and held that the assessee knowingly committed default of the provision of s. 212 (3A) of the IT Act. He therefore, imposed a penalty of Rs. 1,550 on the assessee vide his order dt.10th March 1980. 2A. The assessee went in appeal and before the CIT (A), reiterated the contentions which were made before the ....

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.... 1,80,191 98,770 94,000 . 4.5 . . 1976-77 42,78,347 . . . 2,83,006 1,67,070 87,770 . 6.6 . . From the above chart, the ld. Counsel pointed out that in the earlier years, the G.P. rate shown by the assessee ranged between 4.5.% to 5.08% and it was only during the asst. yr. 1976-77, the G.P. rate increased to 6.6.%. However, according to the l....

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....08% and this was accepted by the department. Had it not been for the increase of G.P. rate to 6.6% during the year under consideration there would not have been any default at all on the part of the assessee u/s 212(3A) of the IT Act. This apart, the accounting period of the assessee ended on 31st December 1975 when the last date for revision of advance tax u/s 212(3A) was 15th December 1975 and i....