1994 (12) TMI 102

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....f the Income-tax Act, 1961 in a sum of Rs. 5,000 by the Assessing Officer, reduced to Rs. 3,000 during first appeal. 2. The learned authorised representative for the assessee contended before me that, firstly, the Assessing Officer failed to express his intention of initiating penalty in question in the assessment order and, secondly, the turnover of the assessee also did not exceed Rs. 2,50,00....

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....While in the latter case penalty is imitable only in the course of any proceeding under the Income-tax Act, such an embargo does not apply to the former group of cases. The objection taken by the assessee is, as such, overruled. 5. Coming to the other plea taken by the learned authorised representative for the assessee on the turnover aspect, it may be stated that clause (ii) of sub-section (2)....

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....ident from the computation sheet submitted by it. Further, as per reply of the assesses to the notice issued to them under section 139(9) of the Act, this income was estimated by applying 15 per cent profit on the sale price. The Department is, therefore, correct in submitting that on working the gross receipts of the assessee would thus come to Rs. 3 lacs. 7. It may thus be seen that although ....