TaxTMI 
TaxTMI 
TaxTMI 
2003 (9) TMI 70
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....ner of Income-tax under section 256(1) of the Income-tax Act, 1961 ("the Act" for short). The Income-tax Appellate Tribunal, Ahmedabad Bench "A", has referred the following question for our opinion: "Whether, the Appellate Tribunal is right in law and on facts in cancelling the penalty levied by the Income-tax Officer under section 273(2)(a) amounting to Rs. 15,000 ?" Heard Mrs. M. M Bhatt, lea....
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....on 37(3A) of the Act but were governed by the exception provided in section 37(30) of the Act. The Income-tax Officer levied a penalty of Rs. 15,000 as against minimum penalty of Rs. 13,878. This order came to be confirmed by the Commissioner of Income-tax (Appeals) in the appeal preferred by the assessee. Being aggrieved the assessee preferred second appeal before the Tribunal being Income-tax A....
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....l had erroneously placed reliance on the assessment order for the assessment year 1979-80 because the said order has been revised under section 263 of the Act. It was further submitted that whether the assessee was under a bona fide belief or not had not been proved by the assessee and the Income-tax Officer had rightly rejected the said plea. The Tribunal has found as a matter of fact that when ....
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....nto consideration was the figure of current income which according to the assessee was the current income at the point of time when it made the estimate of advance tax and not the figure of income ultimately assessed by the Income-tax Officer. That merely because in the assessment at a subsequent date, the assessee is assessed at a higher figure, that by itself is not sufficient to hold that the a....