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TMI Blog1982 (1) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... irm of M/s. Oswal Hosiery Factory (Managing Agency), speculation, interest on securities and other sources. The assessee had not previously been assessed by way of regular assessment as provided under s. 212(3) of the I.T. Act, 1961 (hereinafter referred to as " the Act"). The previous year for the assessment year 1965-66 ended on 31st March, 1965. If the total income of the assessee exclusive of capital gains for the previous year under consideration was likely to exceed the maximum amount not chargeable to incometax, in her case by Rs. 2,500, then before lst day of March, 1965, she was required to furnish, (i) an estimate of the total income exclusive of capital gains of the said previous year; and (ii) an estimate of advance tax payable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived from the other Delhi arhatias, vide their bills dated 3rd March, 1965, and 13th March, 1965, which could not be included in the estimate of advance tax., In view of these facts, it was explained that the non-filing of the estimate under s. 212(3) of the Act was not without a reasonable cause. The ITO was not satisfied with this explanation. Consequently, a penalty of Rs. 4,132 was imposed on the assessee. Feeling aggrieved from the order of the ITO, the assessee preferred an appeal, but failed. Still dissatisfied, a further appeal was filed, before the Tribunal. On a consideration of the entire matter, the Tribunal rejected the plea of the assessee that without receiving the approval of the Company Law Board for the change in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the receipt of the approval by the Company Law Board. So far as the speculation income is concerned, the Tribunal has found as a fact that the transaction with M/s. Lalit Kumar and Sons was completed during the month of December, 1964. That being so, the assessee knew that she was to receive her share of profit. So far as the transaction with M/s. Thakur Dass Naresh Kumar is concerned, Mr. B. S. Gupta, learned counsel for the petitioner, laid great stress on the letter dated 26th April, 1965, wherein it has been written that the assessee was likely to incur a loss of Rs. 16,000 to Rs. 17,000. As the facts stand, this letter is of no help to the assessee, as she had not brought any material on the record to prove the date on which th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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