Court rules non-filing estimate by firm as reasonable cause.

The High Court of Punjab and Haryana ruled in favor of the assessee, holding that the non-filing of an estimate under section 212(3A) of the Income-tax Act by the firm constituted reasonable cause under section 273(c) of the Act. The reference was answered in the affirmative, with no order as to costs.

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The High Court of Punjab and Haryana ruled in favor of the assessee, stating that non-filing of an estimate under section 212(3A) of the Income-tax Act by the firm constituted reasonable cause under section 273(c) of the Act. The judgment was delivered by Judge S. S. Sodhi. The reference is answered in the affirmative, and there will be no order as to costs.

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