2001 (10) TMI 53

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....bligation on the assessee to file the estimate of income-tax filed by it and in that view holding that no penalty under section 273(1)(a) of the said Act was exigible in this case? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the penalty under section 273(1)(a) of the Income-tax Act, 1961?" The assessee is a company. The return is filed by the assessee on December 3, 1985 for the assessment year 1985-86. During this year the assessee has total production of green leaves 19,72,700 kgs. and net production of tea is 16,32,444 kgs. The rate of production during this year comes to 24.05 per cent. while in the preceding assessment year the production of green leaves was 16,32,44....

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....ptions) v. Shree Sitaram Public Charitable Trust [1994]7 207 ITR 1087 (Cal). Learned counsel for the Revenue has submitted that the year ending in this case is February 28, 1985, the estimate filed on December 3, 1985, income estimated was Rs.12,79,000 tax paid Rs.7,42,000, income assessed Rs.29,93,290 tax paid Rs.16,87,795, 831/3 per cent. thereon Rs.14,06,000. On these facts when the estimate filed was untrue, the penalty under section 273 has rightly been imposed at Rs.7,03,000. In the case of Indian Molasses Company (P.) Ltd. [1993] 200 ITR 149 (Cal) this court has taken the view that where the assessed income and the returned income of the latest previous year of the assessee-company were minus figures, no statement of advance tax u....