Cancellation of Penalty under s. 273(a) for Assessee Filing Estimate under s. 212(3a)

The penalty of Rs. 500 under s. 273(a) was canceled as the assessee had filed an estimate under s. 212(3a) and lacked information on their share in the firm, rendering the penalty unjustified. The tribunal allowed the appeal.

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The appeal was against a penalty of Rs. 500 under s. 273(a). The assessee argued that no penalty was due as they had filed an estimate under s. 212(3a) and lacked information on their share in the firm. The tribunal agreed, canceling the penalty as the estimate was not considered untrue. The appeal was allowed.

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