2004 (11) TMI 93

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the Income-tax Act, 1961 hereinafter referred to as "the Act", for opinion to this court. "(i) Whether, on the facts and circumstances of the case, the hon'ble Tribunal was justified in cancelling the order of the learned Commissioner of Income-tax (Appeals) and restoring the order of the Income-tax Officer on the ground that payment made after the last date of payment of third instalment of a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... had furnished an untrue higher estimate of advance tax, on June 14, 1978, showing advance tax payable at Rs. 1,51,575. Later on, he filed a revised higher estimate under section 209A(4) on December 12, 1979, declaring advance tax payable at Rs. 4,83,750 and paid Rs. 4,78,756 up to December 15, 1979. The applicant was following the calendar year as its accounting year. The advance tax paid was mor....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessed tax no penalty could have been imposed. It may be mentioned here that the assessed tax, was Rs. 6,91,020 whereas the applicant had deposited a sum of Rs. 6,53,756 as tax including advance tax during the relevant financial year. In this view of the matter no penalty could have been imposed. We, therefore, answer the first question referred to us in the negative, i.e., in favour of the asses....