TaxTMI 
TaxTMI 
1988 (3) TMI 96
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....AAC for the asst. yrs. 1970-71, 1973-74 to 1979-80 in the case of Shri R.V. Shah and 1979-80 in the case of Shri Shrenik R. Shah. Since the facts are exactly identical, they are heard together and are disposed of by a common order for the sake of convenience. 2. The ITO issued show cause notice to the assessee on the reasoning that the assessee defaulted in the payment of tax. As the assessee f....
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....eason of the fact that before the levy of such penalty, the assessee has paid the tax. It is further contended that the Board's circular having been superseded by the statutory amendment and in fact withdraw on 14th Sept., 1979 vide Circular No.262 F.No.400/42/79 ITCC the order of the learned AAC is liable to be set aside and that of the ITO to be restored. 4. At the time of hearing before us, ....
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....r. Even assuming that this circular is withdrawn by another circular of the Board dt. 14th Sept.,1979, the assessee cannot be denied the benefit of the Board's circular as the present penalties are levied for the asst. yrs. 1970-71 to 1979-80 during which the circular was operative. Where a circular confers some privileges and rights on the assessee, it protects those rights till the date of its w....
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....it is seen that the assessee is fully entitled to the benefit of the circular for these assessment years and the learned AAC was justified in cancelling the penalty orders. 5. In so far as the merit is concerned, it is seen that the learned AAC did not look into these aspects. However, the learned counsel of the assessee Shri K. Shivram took us through the Paper Book. It is pointed out that the....