2000 (10) TMI 36

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..... e Act"), the following questions have been referred by the Income-tax Appellate Tribunal, Delhi Bench-D (in short "the Tribunal"), for the opinion of this court : In R. A. No. 45 (Delhi) of 1976-77 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the assessee-company had a reasonable cause either in not filing the estimate of ad .....

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..... t in cancelling the penalty of Rs. 40,000 imposed under section 273(b) for the assessment year 1968-69 and whether the provisions of section 212(3) are not attracted in this case ?" For the relevant assessment years 1967-68 and 1968-69, assessments were completed finally on the total income of Rs. 11,47,450 and Rs. 8,82,786, respectively. The assessee was required to file an estimate of its inco .....

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..... -69, respectively, were imposed. The penalties were questioned in appeals before the Appellate Assistant Commissioner (in short "the AAC") who upheld the penalties levied. The matter was carried in appeals before the Tribunal. After considering the rival stands, the Tribunal came to the conclusion that there was reasonable cause for not paying the instalment in time. It was noted that while consid .....

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