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TMI Blog1992 (9) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... e firm had failed to furnish correct estimate of its income and had thus committed default punishable under s. 273(2)(c) of the Act. 2. It was urged by the learned counsel for the assessee that the only source of income of the assessee was from commission for supply of tobacco, that during the year under consideration the commission was raised from 7per cent to 9per cent increasing assessee's com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in commission rate its income would certainly increase and, therefore, it was in a position to file a correct estimate of its income which it deliberately did not. It was also submitted that the assessee could have even filed a revised estimate, if its conduct was fair but not filing the same after knowing its correct income clearly showed a mala fide intention on the part of the assessee. 3. Aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nduct of the assessee has not been mala fide. That apart the assessed income for asst. yr. 1985-86 was Rs. 84,630 and that could have persuaded the assessee to file the estimate at Rs. 1,00,000 for the year under consideration. Not anticipating the increase in income due to enhanced rate of commission may at best be a negligent act, but not necessarily a deliberate for underestimating its income b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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