1990 (7) TMI 138

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..... 9,480 and in the return income shown at Rs. 57,523 and tax payable Rs. 17,674 so that penalty was attracted. The assessee had contended before him that the show-cause notice was for default under s. 212(3) and not failure to file a higher estimate and so the levy of penalty was invalid. It was also contended that the information regarding the share income was received late. The AAC rejected both .....

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..... ch are as follows: "(II) Reasonable cause: Main source of income is income from M/s Jhaverbhai Biharilal & Co., Jhajha Bihar and M/s J.B. & Co. Jhajha as beneficiary of Jhaverbhai Bhuljibhai Patel Children Trust and on account of partial partition of Chandrakant J. Patel, HUF. In absence of intimation of correct share advance tax filed on earlier years returned income was not revised—income .....

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..... as filed an estimate of Rs. 38,000 on 10th June, 1980 on the basis of the income for the asst. yr. 1980-81. Now, the partnership income had increased to Rs. 51,795 which could be known only in June, 1981. 3. In my view, the above submissions show that the assessee could not be blamed for this omission to file the revised return. The last year's income could very well form the basis for the asses .....

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