1991 (1) TMI 54

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..... dicially acting could come to the conclusion that the assessee furnished an estimate which it knew or had reason to believe to be untrue and committed a fault within the meaning of section 273 (a) of the Income-tax Act, 1961 ? (ii) Whether the Tribunal's finding is not vitiated in law owing to their ignoring the most important facts on record specifically brought to their notice during the heari .....

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..... ibunal has held that the books of account were closed in June, 1977. This is stated to be the mistake committed by the Tribunal. The other contention is that it had given an explanation explaining the difference which had arisen between the estimate filed by the petitioner and the income returned. Counsel for the petitioner is unable to bring to our notice any paper on the record showing that th .....

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..... from the books of account which were closed on October 31, 1977. This explanation was not put forth before the tax authorities. Secondly, in the documents which were filed before the Tribunal giving the explanation with regard to the underestimation of the income, it is only a figure of Rs. 7,76,000 has been mentioned. It is mentioned that this income could not be anticipated. With regard to the .....

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