2003 (9) TMI 71

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....H. KAPADIA C. J.-Being aggrieved by the decision of the Tribunal deleting the penalty imposed by the Assessing Officer, the Department has filed this appeal under section 260A of the Income-tax Act, 1961. The appeal is in respect of the assessment year 1988-89. The question which we are required to answer in this appeal is as follows: "Whether the Tribunal was right in deleting the penalt....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....0. Being aggrieved, the assessee went in appeal to the Commissioner of Income-tax (Appeals). The appeal was allowed on the ground that the assessee had filed Form No. 29. The appellate authority found that in the present case even before the assessee could appear on December 11, 1989, the Assessing Officer passed a penalty order under section 273(1)(b) ; that the assessee had no opportunity to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ld be remanded because the point taken by the assessee before the appellate authority was not there before the Assessing Officer and that a new case was made out by the assessee before the appellate authority. This is the only argument advanced on behalf of the Department. We do not find any merit in this argument. Firstly, we are concerned with the assessment year 1988-89. Secondly, the assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....part of the assessee. In the case of Hind Products (P) Ltd. v. CIT [1980] 121 ITR 903 (Bom), it has been held that the estimate of advance tax required to be filed under the Income-tax Act must show the estimated income for the relevant year. Estimated income may not be the same as ultimate reported income. Merely because at the end of the year an assessee is shown to have earned income, which is ....