1989 (10) TMI 100

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....ct. The learned counsel for the assessee, in the first instant, pointed out the legal flaws in the penalty order inasmuch as the penalty order is supposed to have been passed under s. 273(1)(b) while admittedly the assessee had filed an estimate of advance tax. In the body of the order, the ITO has mentioned that a notice under s. 273(1)(A) was issued. While imposing the penalty, the ITO has obser....

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....vs. Birla Cotton Spinning & Weaving Mills Ltd. (1986) 54 CTR (Cal) 257: (1985) 155 ITR 448 (Cal), Southern Publications Pvt. Ltd. vs. CIT (1982) 31CTR (Mad) 26 : (1982) 137 ITR 822 (Mad) and CIT vs. National Insurance Co. Ltd. (1989) 78 CTR (Cal) 187 : (1989) 179 ITR 101 (Cal) and submitted that in these circumstances no penalty could be imposed on the assessee. 2. We have carefully considered ....