TaxTMI 
TaxTMI 
1990 (8) TMI 116
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....ners have challenged the legality and validity of the impugned order dated October 20, 1987, passed by the Commissioner under section 273A of the Income-tax Act, 1961. The petitioners were assessed to income-tax for the assessment years 1976-77 to 1981-82 under section 143(3). Since the returns of income were filed beyond the time prescribed under the Act, the Income-tax Officer had imposed penal....
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....he only addition made to the income in the revised returns was that of interest paid to Pioneer Trading Co., a proprietary concern of Chandanmal Seshmal Doshi, one of the partners of the petitioner firm. As per the uncontroverted averments in the petition, the particulars of payment of interest to that concern were furnished during the original assessment proceedings with note that the said amount....
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....eviewed by this court in writ jurisdiction. It is common ground that if the view taken by the Commissioner is a possible view, this court may not like to interfere. The order of the Commissioner, thus, requires to be examined in this background. The only reason given by the Commissioner for holding that the returns filed originally were not voluntary and in good faith, and that full and true discl....