- (1.) THIS is an appeal under Section 260A of the Income Tax Act (hereinafter referred to as the "Act"), filed against the order dated 28.2.2002 passed by the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as the ("Tribunal") relating to the assessment year 1982 -83.
(2.) THE appeal has been admitted on the following substantial questions of law: "(i) Whether on a true and correct interpretation of the provisions section 273 (2) (C), the ITAT was legally correct I upholding the levy of penalty thereunder? (ii) Whether on the facts and circumstances of the case, particularly that the assessee did not carry any obligation to pay advance tax and/or file an estimate of advance tax, in view of the availability of losses for the assessment years 1980 -81 and 1981 -82 on the relevant dates, the ITAT was legally correct in upholding the applicability of the provisions of Section 273 (2) (c) -
(3.) THE brief facts, giving rise to the present appeal, are that the appellant is a Public Limited Company, engaged in the manufacture and sale of synthetics yarn, cement, etc. The previous year of the appellant is the calendar year i.e. starting from January and ending in December. For the assessment year 1982 -83, the appellant had closed its accounts on 31.12.1981. The assessee, who followed the calendar year as the accounting period, and whose accounting period ended in December, 1981 was supposed to submit the estimate under Section 209A of the Act for the purposes of payment of advance tax on 15.6.1981, 15.9.1981 and 15.12.1981. The appellant had filed an estimate on 9.6.1981 showing the advance tax liability at nil. According to the appellant, since the business condition of the calendar year did not improve, it was not considered necessary to revise the estimate under sub -section (4) of Section 209A of the Act, at the time when the subsequent installments become due for payment, by 15th September and 15th December, 1981. For the assessment year 1982 -83, the appellant filed return disclosing loss of Rs.565 lakhs comprising of current year's loss of Rs.184 Lakhs carried forward loss of Rs.206 lakhs for the assessment year 1980 -81 and Rs. 230 Lakhs for the assessment year 1981 -82.;