BOMBAY PIPE TRADERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, following question is referred to this Court under S. 256(1) of the IT Act, 1961 ('the Act') :

(2.) THE status of the assessee is a registered partnership firm. Relevant assessment year is 1973- 74. The advance tax paid in time by the assessee was more than the "assessed tax", but it filed the return of the income beyond time permitted under S. 139(1) of the Act. The ITO imposed penalty under S. 271(1)(a)(i) of the Act for the delayed return. The AAC allowed appeal of the assessee and set aside the order of penalty. The Tribunal allowed the appeal filed by the Rrevenue restoring the order of the ITO.

(3.) BUT , following three Bombay High Court decisions seems to have struck a different note :