CHENNAKESAVA PHARMACEUTICALS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) I.T.T.A. Nos. 29, 33 and 31 of 2000 are filed under section 260A of the Income Tax Act, 1961 (for brevity 'the Act) by M/s. Chennakesava Pharmaceuticals, Vijayawada (herein after referred to as 'assessee') against the common orders of the A.P. Income Tax Appellate Tribunal (Hyderabad Bench 'B'), Hyderabad in I.T.A. Nos. 181, 182 and 183/Hyd/93 for the assessment years 1982-83, 1983-84 and 1984-85 respectively. The assessee had filed its return of income declaring income of Rs. 53,102/-, Rs. 69,930/- and Rs. 91,890/- for the assessment years 1982-83, 1983-84 and 1984-85 respectively. An intimation under Section 143(1) of the Act was sent for the assessment years 1982-83 and 1983-84.

(2.) During November 1985, the Income Tax Department initiated survey operations under Section 133A of the Act. The assessee filed revised return declaring an income of Rs. 1,33,102, Rs. 1,64,930 and Rs. 1,76,890 for the assessment years 1982-83,1983-84 and 1984-85 respectively. The assessing officer completed assessments under Section 143(3) read with 148 for the assessment years 1982-83 and 1983-84 vide two separate orders dt.31.3.1989, and for the assessment year 1984-85, he completed assessment on 27-3-1987 under Section 143(3) of the Act. The assessing officer later passed orders under Section 271(1)(c) of the Act levying a penalty of Rs. 50,000, Rs. 62,000 and Rs. 70,985/- respectively for each of the above three years.

(3.) Challenging the same, the assessee filed appeals to the Commissioner of Income Tax (Appeals) and the said appeals were allowed on 12.10.1992 in favour of the assessee setting aside the penalty imposed on it under Section 271(1)(c) of the Act.