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<h1>Tribunal overturns penalty under IT Act due to assessee's advance tax estimate, remands for fresh adjudication.</h1> The Tribunal set aside the penalty imposed by the ITO under the IT Act, 1961, as evidence revealed the assessee had indeed filed an estimate of advance ... - The appeal was against a penalty of Rs. 3,000 imposed by the ITO under s. 273(c) of the IT Act, 1961. The AAC upheld the penalty, but the Tribunal set aside the order and restored the matter for fresh adjudication as evidence showed the estimate of advance tax was actually filed by the assessee. The appeal was allowed for statistical purposes. (Case citation: 1981 (6) TMI 100 - ITAT MADRAS-B)
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