1988 (2) TMI 112

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....TO under s. 273(A) for asst. yr. 1976-77. 2. In this case, the ITO demanded advance-tax of Rs. 62,217 under s. 210 on the last assessed income of Rs. 2,94,006. The assessee, however, filed its own estimate of advance-tax on 27th Aug., 1975 estimating its current income subject to advance-tax at Rs. 80,000 and tax payable at Rs. 6,876. Income-tax was, however, returned at Rs. 1,11,409 and finall....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rwise of the estimate by the assessee is to be looked with reference to the date of filing of such estimate. Reliance in this connection was placed on the judgements of the Calcutta High Court reported in CIT vs. Birla Cotton Spg. & Wvg. Mills Ltd. (1985) 155 ITR 448 (Cal) and Jeewanlal (1929) Ltd. vs. ITO (1981) 130 ITR 405 (Cal). He urged that on the date of filing the estimate, the estimate was....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the estimate of income at Rs. 80,000 the assessee had before it the income returned by it for the assessment year later than the assessment year on the basis of which notice was issued by the ITO. The assessee, therefore, could entertain a bona fide belief that its current income would not be more than Rs. 80, 000 particularly when the estimate was filed after 4-1/2 months of commencement of the a....