TaxTMI 
TaxTMI 
1991 (3) TMI 225
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....tax Act. 2. The assessee is a registered firm. It had entered into contracts with the Executive Engineer of the State Government for sinking borewells in various places. The Commissioner of Income-tax noted that for the assessment year 1980-81, the total receipts from such contracts was Rs. 20,35,689 and for the assessment year 1981-82 Rs. 7,22,766 but the assessee had not filed the requisite par....
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....f Addl. CIT v. Khayam Constructions [1980] 123 ITR 573 referred to by the CIT, this was not a fit case for imposition of penalty. On the other hand, the Revenue supported the order of the CIT. 4. On a consideration of the facts of the case, we are of the opinion that these are not fit cases for imposition of penalty at all. Section 285A(1) requires the furnishing of particulars only in respect of....
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....roneous, it would amount to a reasonable cause for not furnishing the required particulars. 5. There is another aspect to this case. The contracts were taken in the previous years ended 31-3-1980 and 31-3-1981. The assessment had been completed by 1983. Thereafter the assessee had voluntarily filed Form No. 52 on 11-2-1986. It was subsequently on 2-6-1986 that on the basis of the information file....