https://www.taxtmi.com/caselaws?id=63183 The Tribunal ruled in favor of the appellant, canceling the penalty imposed under section 273 of the IT Act for the assessment year 1980-81. The decision emphasized the appellant's genuine income estimate based on sales figures and profit rates, considering unexpected variations and additional income received post-estimate submission. The Tribunal concluded that slight discrepancies in estimates do not warrant penalties, highlighting the importance of assessing the reasonableness of income estimates for advance tax purposes. en-us Mon, 10 Dec 1990 00:00:00 +0530 Fri, 28 Jan 2011 12:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63183 The Tribunal ruled in favor of the appellant, canceling the penalty imposed under section 273 of the IT Act for the assessment year 1980-81. The decision emphasized the appellant's genuine income estimate based on sales figures and profit rates, considering unexpected variations and additional income received post-estimate submission. The Tribunal concluded that slight discrepancies in estimates do not warrant penalties, highlighting the importance of assessing the reasonableness of income estimates for advance tax purposes. Case-Laws Income Tax Mon, 10 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63183