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TMI Blog1988 (3) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 1979-80 in the case of Shri Shrenik R. Shah. Since the facts are exactly identical, they are heard together and are disposed of by a common order for the sake of convenience. 2. The ITO issued show cause notice to the assessee on the reasoning that the assessee defaulted in the payment of tax. As the assessee failed to give any satisfactory explanation in this regard, the ITO imposed penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax. It is further contended that the Board's circular having been superseded by the statutory amendment and in fact withdraw on 14th Sept., 1979 vide Circular No.262 F.No.400/42/79 ITCC the order of the learned AAC is liable to be set aside and that of the ITO to be restored. 4. At the time of hearing before us, Shri P.K. Sridharan, learned senior Departmental Representative appeared for the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dt. 14th Sept.,1979, the assessee cannot be denied the benefit of the Board's circular as the present penalties are levied for the asst. yrs. 1970-71 to 1979-80 during which the circular was operative. Where a circular confers some privileges and rights on the assessee, it protects those rights till the date of its withdrawal. Although such circulars may later be recalled or withdrawn by the issui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these assessment years and the learned AAC was justified in cancelling the penalty orders. 5. In so far as the merit is concerned, it is seen that the learned AAC did not look into these aspects. However, the learned counsel of the assessee Shri K. Shivram took us through the Paper Book. It is pointed out that the assessee has been granted instalment facilities by the Commissioner/ITO. The paym ..... X X X X Extracts X X X X X X X X Extracts X X X X
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