9911796707
TMI Blog2003 (8) TMI 201X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee was under bona fide belief that due to carry forward of losses of Rs. 8,28,260 the income for the asst. yr. 1987-88 would be below the taxable limit and, therefore, it was not liable to file the estimate. When the accounts were finalised in December, 1989, after the last date of payment of advance tax, some rebates in rates and items of expenses on account of overhead charges, power and other items supplied by M/s Chatrapati Rajaram S.S.K. Ltd. amounting to Rs. 5.69 lakhs were granted to the assessee. As a result of this, the income of the assessee exceeded the taxable limit. Certain disallowances were made in the preceding year in the assessment and the assessee could not contemplate the same at the time of filing of the return. All ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e asst. yr. 1983-84 wherein income was assessed at Rs. 13,52,370 and that the contention of the assessee was wrong that the last return filed was that for asst. yr. 1985-86 showing a loss and, therefore, that return should be considered for the purpose of filing of the estimate. The learned Departmental Representative stressed that section provides for not filing of the return of income but for the latest assessed income of the assessee which in this case was that for the asst. yr. 1983-84 and the same was assessed at Rs. 13,52,370, and, therefore, assessee should have filed the statement on the basis of this income and if the argument of the assessee is that in asst. yr. 1985-86 the loss return was filed or that tax payable in the current ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he computation upon which the figure of advance tax has been arrived at. Where no advance tax payment is to be made, there is no purpose in sending to the ITO the statement of its computation." Hence, he submitted that since the returned income for the asst. yr. 1985-86 was the loss, the assessee was under a bona fide belief that there will be no liability for payment of tax of the assessee due to carry forward of the losses and hence under the bona fide belief no estimate of tax was filed under s. 209A(1)(a). 5. After perusing the orders of both the lower authorities and considering the facts and circumstances of the case, we find that it is not in dispute that for the asst. yr. 1985-86 the assessee has filed the return of loss amounti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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