2015 (8) TMI 558

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....ASAD JUDGMENT This appeal is filed by the assessee, feeling aggrieved by the order, dated 17.09.2002, passed by the Income Tax Appellate Tribunal, Visakhapatnam in I.T.A.No.640/H/97 referable to the assessment year 1995-96. The appellant is the Proprietor of a private educational institution, established at Vijayawada. He is an assessee under the Income Tax Act (for short 'the Act'). For ....

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....ty. The appellant filed an explanation stating the circumstances under which the revised return had to be filed. The explanation was not accepted and an order was passed imposing the penalty of Rs. 73,578/-. An appeal was filed before the Commissioner (Appeals) aggrieved by the order of penalty. The Commissioner allowed the appeal through order, dated 28.01.1997 taking the view that there was n....

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..../- was collected. Obviously with a view to purchase peace and to avoid a delicate situation before the competitors in the field, the appellant filed a revised return showing the income, after deducting the expenditure. That was accepted. Here itself, it needs to be mentioned that though the Department pointed out that even after the revised return was filed, a sum of Rs. 5,30,790/- was not include....