Rajasthan Court October 2005 Judgments

Madan Lal Mahaveer Prasad Vs. Income-tax Appellate Tribunal and ors.

Court: Rajasthan

Reported in: [2008]296ITR377(Raj); 2006(1)WLC117

Shiv Kumar Sharma, J.1. The instant petition relates to proceedings carried out for levy of penalty under Section 271E of the Income-tax Act, 1961 (for short '1961 Act'), in respect of a default under Section 269T of the 1961 Act for which the penalty of Rs. 25,000 was levied by the respondent authorities in terms of Section 271E of the 1961 Act upon the petitioner-firm. The petitioner-firm seeks to quash the impugned orders dated November 19, 1993, July 12, 1994 and December 20, 1994.2. The contextual facts depict that the petitioner-firm had furnished a return of income for the assessment year 1990-91 with the Income-tax Officer. The Income-tax Officer processed the return under Section 143(3) of the 1961 Act and except for making routine additions in respect of interest paid to partners to the tune of Rs. 4,000 from out of loss of Rs. 13,484 claimed in bardana account, and another amount of Rs. 1,000 from out of expenditure incurred for tea, coffee, etc. and for a balance-sheet diff...