9911796707
TMI Blog1985 (10) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961 (hereinafter called " the Act "), the Income-tax Appellate Tribunal, Chandigarh Bench, has referred the following question of law for the opinion of this court: "Whether, on the recorded facts, the Tribunal has been right in law in vacating the order of the Commissioner of Income-tax passed under section 263 on the ground that when, on making the regular assessment, no tax liability wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee, however, filed an estimate dated September 5, 1972, under section 212 of the Act estimating its income for the financial year ending March 31, 1973, at Rs. 2,00,000, thereby mentioning that advance tax payable by it would be Rs. 1,15,500. Pursuant to this estimate, the assessee paid two instalments of advance tax in September and December, 1972, each amounting to Rs. 38,500. Before making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4, and its income was assessed at Rs. 2,08,755. The net amount of income-tax payable was worked out at Rs. 85,233. Since, as already stated above, the assessee had paid advance tax totalling Rs. 1,58,770, the amount of advance tax paid over and above Rs. 85,233 was determined as refundable to the assessee. The Commissioner of Income-tax was of the view that the assessee having filed the revised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioned above has come to be referred to this court at the instance of the Commissioner of Income-tax for our opinion. A plain reading of section 216 of the Act makes it clear that it is on making the regular assessment that the Income-tax Officer is to find whether an assessee had underestimated the advance tax payable by it and thereby reduced the amount payable in either of the first two instal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived. The opening words of section 216 of the Act leave no manner of doubt that for determination of the question whether or not the assessee had paid reduced amount of advance tax, the amount of income-tax determined as payable on making " regular assessment " is to be taken into consideration to find out whether the advance tax paid by the assessee was underestimated within the meaning of sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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