9911796707
TMI Blog2002 (9) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... following question of law, arising out of the order passed by the Income-tax Appellate Tribunal, Ahmedabad Bench "A", has been referred to this court for its opinion under the provisions of section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"): "Whether, in law and on facts, the Appellate Tribunal has rightly reached a conclusion that the penal provisions could not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year of the assessee was to be Rs. 1,91,13,000 whereas income estimated by the Income-tax Officer was Rs. 2,22,80,040. The tax payable was worked out at Rs. 1,20,30,690. The second estimate dated December 12, 1974, was filed by the assessee estimating his total income at Rs. 1,47,95,000 and tax payable on the basis of the said estimate was Rs. 93,44,370. Thereafter, the assessee had filed a th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te authority, the assessee had filed an appeal before the Tribunal and the Tribunal had set aside the order passed by the appellate authority confirming the order imposing penalty by the Assessing Officer on the ground that the assessee was following a system of budgeting and forecasting and on that basis, different estimates were filed by the assessee from time to time. According to the Tribunal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a, which the assessee believed to be correct, in our opinion, there was no case for imposition of penalty because by no stretch of imagination it can be said that the estimates which were submitted by the assessee were believed to be untrue. Looking to the facts of the case, we are of the view that the Tribunal had considered all the relevant facts in the light of the correct legal position and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which the assessee believed to be true. For the aforesaid reason, we are of the view that the Tribunal had rightly reached a conclusion that the penal provision could not have been invoked in the case of the assessee. Under the circumstances, we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue. The reference stands disposed of accordingly, No ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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