1993 (4) TMI 40

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....ate Tribunal has referred the following question of law arising out of its order dated June 17, 1980, in respect of the assessment year 1975-76 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty of Rs. 12,230 imposed under section 273(c) of the Income-tax Act, 1961 ?" The brief facts of the case are that the assessee is a partn....

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....lment of advance tax is due. The difference of the tax finally determined and advance tax demanded under section 210 was more than 33 1/3 per cent. and the assessee was required to revise and to file an estimate of advance tax in accordance with the above provisions and to pay the tax accordingly. Since this was not done, the Income-tax Officer, initiated proceedings under section 273(c) and impos....

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....e and pay the tax thereon and in the proceedings under section 144B, the minimum penalty of ten per cent. of the tax was directed to be imposed. The assessee was found to have filed the return showing an income of Rs. 2,35,984. The matter was challenged by the assessee before the Commissioner of Income-tax (Appeals), Jaipur, where a contention was raised that the search operations were launched....