9911796707
TMI Blog1983 (7) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee had filed its return of income for asst. yr. 1968-69, which is under consideration, on 22nd August, 1970 declaring an income of Rs. 5,52,957 but no tax u/s 140A of the IT Act, 1961 was deposited. The assessee again revised its return of income reducing the same to Rs. 2,15,666 on which tax u/s 140A worked out to Rs. 1,07,800 but that too was not deposited. The assessment was completed on 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) before us, the ld. counsel for the assessee Mr. D.K. Gupta drew our attention to a chart of income, income assessed by the ITO, CIT (A) and the Tribunal right from asst. yrs. 1964-65 to 1968-69 and submitted that in respect of the two issues i.e. gratuity and payment of interest of State Govt. And Northern Railways, dispute is still before the High Court and the assessee was under bona fide b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rival submissions and looking to the facts and perusing the explanation furnished by the assessee in the course of penalty proceedings, we find that the assessee had revised its return and mentioned that the same is subject to carry forward of earlier year's losses. Undoubtedly, due to certain disputes laid at rest only upto the Tribunal's stage, the assessee has not succeeded in respect of its cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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