TMI Blog2014 (7) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... y lay in filing a revision petition under section 15(1) of the Act of 1954 before the Commissioner and not by way of resorting to section 12 of the Act of 1954 for recovering escaped tax. In the facts of the case, it is admitted that there was full disclosure by the assessee including profit accrued. Yet profit accrued was not taxed owing to an error of judgment by the assessing officer - no subst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see for the assessment years 199192 and 1992-93. The facts of the case are that the respondent-assessee as a contractor submitted returns for the assessment years 1991-92 and 1992-93 disclosing, inter alia, its taxable turnover including the profit accrued to it during the two assessment years. The assessing authority proceeding under section 10 of the Act of 1954 passed assessment orders dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charged on the amount of the tax assessed for the period for which it having been remained unpaid. Penalty under section 7AA of the Act of 1954 was also levied. An appeal against the order of the assessing authority also failed before the Deputy Commissioner. The learned Tax Board taking into consideration the facts of the case noted that the case before the assessing authority as also appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of material disclosed before the assessing authority was rectifiable only by way of a revision before the Commissioner under section 15(1) of the Act of 1954 and not as tax escaping assessment under section 12 of the Act of 1954. I have considered the arguments of the counsel for the petitioner and perused the impugned judgment of the Tax Board. In my considered opinion, the Tax Board has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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