1976 (4) TMI 106

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....from two firms. The assessee was called upon to pay advance tax of Rs. 1,16,719 under s. 210. The assessee filed an estimate on 1st Sept., 1967 according to which the tax payable was Rs. 74,330. He paid Rs. 54,777 only. The ITO found that he was finally assessed on a sum of Rs. 31,16,730 and the tax demanded was Rs. 1,92,430. He initiated penalty proceedings under s. 273(a). The assessee's plea wa....

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....rdingly. As regards the other firm of A. Abdul Shukoor & Co., the assessee estimated that firm's income at Rs. 5,50,000 on the basis of the accounts upto that date. That firm did not file an estimate in September but only in February, 1968 showing an income of Rs. lakhs. The assessee had estimated the income of the firm at Rs. 5,50,000 when it filed the estimate. As this was based on adequate mate....