https://www.taxtmi.com/caselaws?id=63928 The appellate tribunal reinstated the penalty imposed under section 273 on the appellant partnership firm amounting to Rs. 2,92,959. The tribunal held that the penalty was justified due to the appellant's actions in underestimating income and failing to make full payment of advance tax as per the revised estimate. The tribunal emphasized that penalties can be imposed for any false estimate, regardless of revisions, and rejected the appellant's plea to reduce the penalty amount. The judgment underscores the significance of accurate income estimation for advance tax and the repercussions of submitting false estimates resulting in penalty imposition. en-us Mon, 26 Jun 1989 00:00:00 +0530 Wed, 02 Feb 2011 17:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63928 The appellate tribunal reinstated the penalty imposed under section 273 on the appellant partnership firm amounting to Rs. 2,92,959. The tribunal held that the penalty was justified due to the appellant's actions in underestimating income and failing to make full payment of advance tax as per the revised estimate. The tribunal emphasized that penalties can be imposed for any false estimate, regardless of revisions, and rejected the appellant's plea to reduce the penalty amount. The judgment underscores the significance of accurate income estimation for advance tax and the repercussions of submitting false estimates resulting in penalty imposition. Case-Laws Income Tax Mon, 26 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63928