9911796707
TMI Blog2002 (11) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... ted against the order of CIT(A), Jodhpur, dt. 6th Sept., 1996, whereby he confirmed the penalty of Rs. 25,000 levied by AO under s. 221(1) vide his order dt. 14th March, 1996. 4. We have heard the arguments of both the sides and also perused the records. 5. Ground No.1 in both the appeals of assessee disputes the learned CIT(A) s action in refusing to grant adjournment of hearing of appeal, but the learned authorised representative of assessee has not raised any contention on this issue during arguments and so this ground No. 1 is treated as having not been pressed impliedly and so the same is dismissed in both the appeals. 6. Ground Nos. 5 and 6 are general. Ground Nos. 2 and 4 constitute single issue disputing the sustenance of pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised representative of assessee has also filed the date-wise details of tax paid by assessee. 9. We have considered the rival contentions as also the material placed on records. From the perusal of record we find that: (i) the assessee had filed the return on 27th Oct., 1992, showing an income of Rs. 1,78,370, on which the total tax payable being Rs. 29,130 was paid on 30th Oct., 1992 under s. 140A. (ii) The assessee-firm was dissolved on 31st March, 1994. (iii) The assessment was completed on 24th Feb., 1995, on income of Rs. 18,98,632 by making an addition of Rs. 17,20,262, and thereby an additional demand of Rs. 6,03,321 was created. (iv) The said assessment was confirmed by CIT(A) on 6th April, 1995. (v) Notice under s. 221( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "(2) where as a result of any final order the amount of tax, with respect to the default in the payment of which the penalty was levied, has been wholly reduced, the penalty levied shall be cancelled and the amount of penalty paid shall be refunded" Accordingly as provided in sub-s. (2) of s. 221 to decide as to whether the assessee is or deemed to be in default or not, it is the finally assessed tax which has to be the basis and not the originally assessed tax/income. In the instant case, the finally assessed tax is of Rs. 1,88,593. As per the details of payment of tax furnished by the learned authorised representative of assessee, the assessee had paid a total amount of Rs. 1,66,602 by 17th Oct., 1995 and Rs. 2,16,602 by 19th Oct., 199 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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