1991 (1) TMI 54

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....ther, in the light of the causes pleaded and circumstances pointed out, any person judicially acting could come to the conclusion that the assessee furnished an estimate which it knew or had reason to believe to be untrue and committed a fault within the meaning of section 273 (a) of the Income-tax Act, 1961 ? (ii) Whether the Tribunal's finding is not vitiated in law owing to their ignoring th....

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....ccount of the company were closed on October 31 each year but the Income-tax Appellate Tribunal has held that the books of account were closed in June, 1977. This is stated to be the mistake committed by the Tribunal. The other contention is that it had given an explanation explaining the difference which had arisen between the estimate filed by the petitioner and the income returned. Counsel f....

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....s. It was not mentioned therein that the accounts had to be prepared as on June 30, 1977, from the books of account which were closed on October 31, 1977. This explanation was not put forth before the tax authorities. Secondly, in the documents which were filed before the Tribunal giving the explanation with regard to the underestimation of the income, it is only a figure of Rs. 7,76,000 has been ....