https://www.taxtmi.com/caselaws?id=63748 The Tribunal partially allowed the appeal, reducing the penalty imposed on the appellant from Rs. 2,000 to Rs. 500 based on the correct interpretation of the penalty provisions and Explanation 2 of section 273(2)(c) of the IT Act, 1961. The appellant's failure to file the estimate of advance tax was deemed without reasonable cause, leading to the penalty imposition. The Tribunal clarified that the appellant should be treated as an unregistered firm for penalty purposes, resulting in the adjustment of the penalty amount imposed by the Income Tax Officer. en-us Fri, 03 Aug 1990 00:00:00 +0530 Tue, 01 Feb 2011 16:13:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63748 The Tribunal partially allowed the appeal, reducing the penalty imposed on the appellant from Rs. 2,000 to Rs. 500 based on the correct interpretation of the penalty provisions and Explanation 2 of section 273(2)(c) of the IT Act, 1961. The appellant's failure to file the estimate of advance tax was deemed without reasonable cause, leading to the penalty imposition. The Tribunal clarified that the appellant should be treated as an unregistered firm for penalty purposes, resulting in the adjustment of the penalty amount imposed by the Income Tax Officer. Case-Laws Income Tax Fri, 03 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63748