1996 (9) TMI 27

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....10,600 levied in the assessee's case under section 273(b) for the assessment year 1972-73 ?" The assessee, K. P. V. Shaik Mohammed Rowther Private Limited, Madras, is a company carrying on business as shipping agents. For the assessment year 1972-73 (previous year ended on June 30, 1971), it filed a return admitting an income of Rs. 1,54,550 on February 9, 1973, and the assessment was finally completed on a total income of Rs. 1,99,870. On March 15, 1972, the assessee had filed an estimate of advance tax estimating the tax payable at Rs. 66,625 and tax as per the estimate was paid on May 24, 1972, by the assessee. As the assessee did not furnish an estimate of advance tax payable before the due date and the estimate filed on March 15, 19....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....enior standing counsel appearing for the Department submitted that inasmuch as the estimate was not filed before March 15, 1972, penalty is levied under section 273(b) of the Act. It was further submitted that ignorance of law cannot be a ground to excuse the delay in filing the estimate. According to learned senior standing counsel, the Tribunal was not correct in cancelling the penalty on the ground that the delay was technical and therefore, pardonable. On the other hand, learned counsel appearing for the assessee, while supporting the order passed by the Tribunal submitted that inasmuch as the estimate was filed on March 15, 1972, it cannot be said that the assessee has committed deliberately and wilfully any delay in filing the estimat....