TMI Blog1979 (7) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... after referred to as " the Act "), at the instance of the revenue, by the Income-tax Appellate Tribunal (Amritsar Bench), Amritsar, the following question of law has been referred: " Whether, on the facts and in the circumstances of the case, for the purpose of levy of penalty under section 273(b), the total income determined should be the criteria or the total income which the assessee sought t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see had not filed the estimate of advance tax in accordance with the provisions of s . 212(3) of the Act, the ITO initiated penalty proceedings and, in due course levied a penalty of Rs. 6,000 on the assessee under s. 273(b) of the Act. On appeal, the AAC upheld the legality of the penalty order but reduced the amount-of-penalty to the minimum imposable under the law. Oa second appeal, the Inacome ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay be imposed under s. 273 for deliberately furnishing an untrue estimate. If the assessee had made an honest and fair estimate, no penalty could be imposed. No such finding has been recorded by the Tribunal in its order dated 14th May, 1971. Under the circumstances, it is not possible to answer the question referred to this court. All that we can do is either to call for a supplementary statement ..... X X X X Extracts X X X X X X X X Extracts X X X X
|