https://www.taxtmi.com/caselaws?id=63081 The Tribunal allowed the appeal, overturning the penalty imposed under section 273(2) of the Income-tax Act, 1961. The appellant's penalty of Rs. 12,650 was canceled, with a direction for refund if already paid. The Tribunal found that the appellant did not file an estimate of advance tax that he knew or had reason to believe to be untrue, emphasizing that a variation between estimated and actual income does not automatically warrant a penalty. Previous decisions supporting the exclusion of certain income from total income were considered, leading to the cancellation of the penalty. en-us Fri, 20 Oct 1978 00:00:00 +0530 Thu, 27 Jan 2011 17:34:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63081 The Tribunal allowed the appeal, overturning the penalty imposed under section 273(2) of the Income-tax Act, 1961. The appellant's penalty of Rs. 12,650 was canceled, with a direction for refund if already paid. The Tribunal found that the appellant did not file an estimate of advance tax that he knew or had reason to believe to be untrue, emphasizing that a variation between estimated and actual income does not automatically warrant a penalty. Previous decisions supporting the exclusion of certain income from total income were considered, leading to the cancellation of the penalty. Case-Laws Income Tax Fri, 20 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63081