1993 (3) TMI 165

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.... in appeal before the CIT(A), is being reagitated by the assessee firm in this appeal. 2. Learned representatives of the parties are heard. At the outset it may be stated that the Assessing Officer while levying the penalty under s. 273(2)(aa) did not care to look into the ingredients of the said provision. There should be satisfaction that the assessee has furnished the revised estimate of adv....

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....alty. It is explained by the assessee that it could not visualise that its income would be more than Rs. 1.75 lacs at which the estimate was revised. The accounting period of the assessee ended on Diwali in 1979. The statement was revised on 15th Dec., 1979. Thus, about a month or so was available to the assessee, by which time its accounts were not finalised. It is further explained by the counse....