1976 (5) TMI 54

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..... 612 levied by the ITO under s. 273(c) of the IT Act, 1961 for the asst. yr. 1970-71. 2. For the asst. yr. 1970-71 by notice under s. 156 dt. 2nd Sept., 1969 the assessee was called upon to pya an advance tax of Rs. 3,665 on the basis of the last completed assessment from 1968-69 and the assessee had complied with the demand. The assessee filed a return for the said assessment year on 16th Sep....

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....posed a penalty of Rs. 612 under s. 273(c) of the Act. 3. On appeal the AAC cancelled the penalty observing as under :- "I have carefully considered the arguments of the assessee's auditor and looked into the evidence let in the by him. Admittedly the assessee has share income from three firms. Her main source of income is her 30 per cent share in the registered firm of Hind Wire and Metal I....

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..... Aggrieved by the said order of the AAC the Revenue has filed this appeal before us. The learned Departmental Representative Shri Gopinath vehemently contended that the AAC failed to see that the accounting year of the firm ended on 30th June, 1969 and in the absence of any large additions in the total income determined in the firm in which she is a partner, the assessee could estimate her share ....