1979 (3) TMI 70

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....lt under s. 273 (c) of the IT Act for the asst. yr. 1974-75. The AAC, after considering the facts and the circumstances of the assessee's case and, Inter alia, a decision of the Amritsar Bench of the Tribunal in the case of Shri Partap Chand Maheshwari, deleted the penalty. It was pointed out before the AAC that there was a reasonable cause as the firm M/s. Ramchand Rajinder Kumar from which the a....

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.... is the partners who run the affairs of the firm and, therefore, each partner processes the knowledge about the affairs of the firm and a partner could not plead that as the firm had not filed the estimate of its income, the partner did not know that was his exact share. It was also stated that it was open to a partner to look into the books of the firm and see his share and, thereafter file an es....

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....llahabad High Court and Orissa High Court. He also filed a copy of penalty order under s. 273(c) dt. 17th Feb., 1977 passed in the case of firm, M/s. Ramchand Rajinder Kumar, to establish the fact that the firm had committed a default in filing the estimate under s. 212 (3A) for the asst. yr. 1974-75. Shri Arora also submitted that the accounting year of the firm was Diwali year which ended on 24t....