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TMI Blog1979 (2) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinafter referred to as the ' Act ') and the order of the Commissioner of Income-tax, opposite party No. 1, dismissing the petition under s. 273A(4) of the Act has been asked to be quashed. Assessee is a registered firm and in respect of the assessment years 1970-71 and 1971-72, as against tax demands of Rs. 2,231 and Rs. 1,696 respectively, demand of penalty and interest under different provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as one under s. 273A(4) of the Act, the Commissioner should not have refused to exercise his jurisdiction under s. 273A(1) of the Act ; and the reports of the Assessing Officer have not been taken into account and the considerations which have weighed with the Commissioner in finding against the assessee are not germane to the requirements of law. Undoubtedly, labelling of a petition should n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls. (a), (b) and (c). Similarly, in the matter of exercising jurisdiction under sub-s. (4), the considerations have also been statutorily indicated. The Commissioner has, as a fact, taken some of these aspects into consideration while disposing of the application. The Commissioner has found that the assessee showed undue preference to other creditors and has assets still left with it. He did not f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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