9911796707
TMI Blog1976 (2) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... s reduced the quantum of penalty imposed the ITO from Rs. 5,000 to Rs. 681. 2. The assessee is a cine artist. For the asst. yr. 1971-72 notice under s. 210 of the Act was issued demanding the assessee to pay an advance tax of Rs. 24,798 payable in three equal instalments based in a total income or Rs. 59,240. This was in June, 1970. The assessee is stated to have filed an estimate in January, 197 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in two instalments of Rs. 8,000 in February, 1971 and another Rs. 8,000 in April, 1971. According to him even though the second instalment was paid beyond the financial year yet as the penalty is levied only for filing an untrue estimate by way of under estimation of income, the Department should show that the income as per estimate fell short of 75 per cent of the assessed income. The learned Dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch estimate was much lower than Rs. 46,159 which was returned by the assessee. In as much as the estimate is not available on record and since the learned counsel of the assessee asserts that the estimate of income shown by the assessee was Rs. 46,000. The assertion by the representative has to be taken as correct in as much as advance tax payable on this estimate was Rs. 16,000 and the assessee h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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