SARASWATHI ELECTRONICS Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) M/s. Saraswathi Electronics Hassan, is before us in this appeal.

(2.) THE appellant-assessee is a regular income tax assessee. He has filed returns for the assessment years 1991-92 to 1994-95 simultaneously along with the audit report on 25-7-1995. Though the audit reports were obtained belatedly, they were enclosed along with the returns of income for the relevant years. The Assessing Authority noticing the income of more than Rs. 40 lakhs has chosen to initiate proceedings in terms of the Income Tax Act (for short, 'the Act' ). Thereafter, penalty proceedings were initiated. The appellant was heard and penalty was levied. The same was challenged unsuccessfully both before the Appellant Commissioner and the Tribunal. The assessee having lost at all levels is before us by raising the following questions of law forourconsideration:-

(3.) SRI S. Parthasarathi, learned Counsel for the assessee has placed before us several Judgments of several High Courts in the matter of levy of penalty. He would say that the facts of this case warrant no penalty and he wants all the orders passed to be set aside in this appeal.