Itxa/461/2001 Of The Commissioner Of Income Tax, Mumbai-Ii v. Premier Automobile Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO.O.C.J. INCOME TAX APPEAL NO. 461 OF 2001 The Commissioner of Income Tax,Central-II, Mumbaiv/s. .. Appellant M/s. Premier Automobiles Ltd... Respondent Mr.K.R.Chaudhary with Ms.S.V.Bharucha i/by Mr.H.D.Rathod for appellant. CORAM : R.M.LODHA ANDJ.P.DEVADHAR,JJ. DATED:13thAugust, 2004 P.C. Heard Mr. K.R.Chaudhary, the learned counsel for the revenue. 2. The Tribunal considered the controversy in question thus- "10. In this appeals, the Department isaggrieved against the cancellation ofpenalty of Rs.21,81,962/- leviedu/s.273(2)(a) of the Act. In this year,total income was assessed atRs.4,15,79,240/- against returned income ofRs.1,45,51,780/-. Assessee had filedstatement of advance tax in Form No.28A on14.6.83 showing nil income. Estimate ofadvance tax in Form No.28 was filed on13.12.83 showing income of Rs.1,48,35,020/-.Assessee paid advance tax of Rs.82,65,755/-on 14.12.83. since the AO found theestimate filed by the assessee to be untrue,penalty proceedings u/s.273(2)(a) wereinitiated. In response to the show causenotice, various reasons for the variationbetween returned income and assessed incomewere brought to the notice of the AO.However, the same did not find favour withthe AO and according to him, the estimate ofadvance tax filed was not correct and true.Accordingly, the impugned penalty waslevied. substantial question of law arises. Appeal is dismissed. (R.M.LODHA,J.) (J.P. DEVADHAR, J.)