1979 (1) TMI 171

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.... penalty and directing the ITO accordingly. 2. A penalty of Rs. 24,210 was levied on the assessee under s. 273(b) of the IT Act, 1961 for his failure to submit the estimate of advance-tax as required under 212(3) of the Act and pay the tax accordingly. The AAC in appeal, however, reduced it to Rs. 13,058 as he found that the ITO had omitted to give credit to the tax of Rs. 1,48,688 paid by the ....

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.... M/s. Shiv Narain Karmendra Narain. He further found that this share was directed to be included in the income of the assessee's father. Shri Karmendra Narain Aggarwal vide order of the Tribunal dt. 1st June, 1974 in ITA Nos. 4404/71-72 and 2828 and 2792 DEL/1972-73. As a result of this order of the Tribunal, the income of the assessee was reduced by the above amount of Rs. 3,86,693 and therefore,....

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....ct to the order of the Tribunal. He next submitted that since the assessee was not liable to pay any tax as per the order of the Tribunal dt. 1st June, 1974 in the case of Shri Karmendra Narain Agrawal, the question of calculating and levying any penalty under s. 273(b) also did not arise. The learned Departmental Representative, on the other hand, submitted that since the Department was in appeal....