2005 (3) TMI 102

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... petitioner under section 273A of the Income-tax Act for the assessment year 1990-91. The Commissioner of Income-tax rejected the petitioner's application on the ground that the petitioner does not satisfy the conditions required for waiver namely, section 273A(1)(b) of the Income-tax Act. Even though counsel for the petitioner submitted that the Commissioner of Income-tax has rejected application .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the matter to the extent possible and, therefore, the conditions for waiver of penalty are not satisfied. It is also seen that the penalty levied is the minimum penalty and apart from the penalty, petitioner is not liable to pay any tax as the net result under the assessment order is still a loss. In the circumstances, OP is devoid of any merit and is dismissed. - - TaxTMI - TMITax - Income Ta .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X