TMI Blog1981 (11) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... asst. yr. 1972-73. 2. For the asst. yr. 1972-73 in the case of the assessee an advance tax demand of Rs. 66,994 was raised under s. 210 of the Act on 25th August, 1971. The assessee filed an estimate on 15th September, 1971 estimating his income at Rs. 35,000 and the tax payable thereon Rs. 9,775 was paid in three instalments. However on 30th January, 1975 the assessee furnished a return of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee. 3. It is contended by the ld. counsel for the assessee that during the asst. yr. 1970-71 there was a net loss from the two firms and even though the period of accounting for the two firms ended on 30th June, 1971 due to disputes between the partners the firm s accounts were closed only in 1974 and so at that time when the assessee filed the estimate on the 15th September, 1971 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. If in the asst. yr. 1970-71 there was loss in the firms the estimate for 1972-73 at Rs. 35,000, cannot be stated to be not genuine. It may be that the assessee could have filed a provisional estimate in March, 1972. However, as the assessee asserts that the accounts of the two firms were finalised only in 1974 he could not have filed the estimate in March, 1972. Under such circumstances we are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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