2001 PLP 1947 (PTD)
COMMISSIONER OF INCOME-TAX Versus GUJARAT ALKALIES AND CHEMICALS LTD.
| Citation | 2001 PLP 1947 (PTD) |
| Forum / Court | 246 I T R 462 |
| Bench Members | M. Srinivasan and U. C. Banerjee, JJ |
| Parties | COMMISSIONER OF INCOME-TAX Versus GUJARAT ALKALIES AND CHEMICALS LTD. |
| Primary Law | Income-tax |
Q1: What are the key laws and sections cited in 2001 PLP 1947 (PTD)?
This judgment primarily cites: Income-tax as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2001 PLP 1947 (PTD)?
The case was heard and decided by the 246 I T R 462 bench comprising: M. Srinivasan and U. C. Banerjee, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2001 PLP 1947 (PTD) (COMMISSIONER OF INCOME-TAX Versus GUJARAT ALKALIES AND CHEMICALS LTD.). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- B. K. Prasad, Advocate for Appellant.
Headnotes / Summary
(Appeal by special leave from the judgment and order, dated Jun 29, 1993 of the Gujarat High Court in I.T.A. No. 162 of 1993).
Estimate of income lower than annual income
Finding by Tribunal that estimate was based on hones belief pursuant to position in law as understood at that time
Tribunal was justified in cancelling penalty
No question of law arose
Indian Income Tax Act, 1961, Ss.256 &
273. Held, that the Tribunal had found on the facts that the figure submitted by the assessee were on an honest belief of the estimate made by it pursuant to the position in law as it was understood at that time by the decisions of the Court. Hence, the fact that the estimated income returned by the assessee for the purpose of advance tax was less than the annual income would not bring the assessee within the ambit of section 273(2)(a) of the Income Tax Act, 1961. The view expressed by the Tribunal on such factual conclusions is unassailable and the High court did not commit any error in refusing to call for a reference.
Judgment & Decree
Income‑tax‑‑‑ ‑‑‑‑Reference‑‑‑Advance tax‑‑‑Penalty‑‑‑Estimate of income lower than annual income‑‑‑Finding by Tribunal that estimate was based on hones belief pursuant to position in law as understood at that time‑‑‑Tribunal was justified in cancelling penalty‑‑‑No question of law arose‑‑‑Indian Income Tax Act, 1961, Ss.256 &
273. Held, that the Tribunal had found on the facts that the figure submitted by the assessee were on an honest belief of the estimate made by it pursuant to the position in law as it was understood at that time by the decisions of the Court. Hence, the fact that the estimated income returned by the assessee for the purpose of advance tax was less than the annual income would not bring the assessee within the ambit of section 273(2)(a) of the Income Tax Act, 1961. The view expressed by the Tribunal on such factual conclusions is unassailable and the High court did not commit any error in refusing to call for a reference. B. K. Prasad, Advocate for Appellant. The Revenue is aggrieved by the judgment of the High Court which confirmed the view taken by the Tribunal in this matter. The only question that was sought to be referred to the High Court by the Reveriue was as follows: "Whether when the Assessing Officer as well as the Commissioner of Income‑tax (Appeals) had given a categorical finding that the assessee had acted in conscious "disregard of its statutory obligation with a view to reduce the quantum of its legitimate and proper advance tax liability, the Appellate Tribunal was right in law and on fact in holding that this was not a fit case for levy of penalty under section 273(2)(a) of the Income Tax Act, 1961?" The Appellate Tribunal rejected the application of the Revenue for reference on the ground that the facts found by the Tribunal did not give rise to the question of law raised by the Revenue. That view was affirmed by the High Court and thus, there was no reference to the High Court. It is seen that the Tribunal has found, on the facts, that the figures submitted by the assessee were on an honest belief of the estimate made by it pursuant to the position in law as it was understood at that time by the decisions of the Court. Hence, the fact that the estimated income returned by the assessee for the purpose of advance tax was less than the annual income would not bring, the assessee within the ambit of section 273(2)(a) of the Income‑tax Act. The‑ view expressed by the Tribunal on such factual conclusions is unassailable and the High Court did not commit any error in refusing to call for a reference. The appeal fails and is accordingly dismissed. No order as to costs. M.B.A./501/FC Appeal dismissed