https://www.taxtmi.com/caselaws?id=63388 The Tribunal upheld the penalty imposed under section 273(c) of the Income-tax Act for the assessment year 1975-76, reinstating the penalty of Rs. 20,000 due to the assessee's failure to comply with the statutory requirement to file a revised estimate of tax payable. The Tribunal dismissed objections regarding the penalty notice's validity and emphasized the importance of consistency in decisions, canceling penalties in related cases where similar circumstances were present. The majority view favored canceling the penalty due to practical difficulties faced by the assessee in estimating correct income, aligning with previous Tribunal decisions. en-us Tue, 30 Jul 1985 00:00:00 +0530 Sat, 18 Mar 2017 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63388 The Tribunal upheld the penalty imposed under section 273(c) of the Income-tax Act for the assessment year 1975-76, reinstating the penalty of Rs. 20,000 due to the assessee's failure to comply with the statutory requirement to file a revised estimate of tax payable. The Tribunal dismissed objections regarding the penalty notice's validity and emphasized the importance of consistency in decisions, canceling penalties in related cases where similar circumstances were present. The majority view favored canceling the penalty due to practical difficulties faced by the assessee in estimating correct income, aligning with previous Tribunal decisions. Case-Laws Income Tax Tue, 30 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63388