https://www.taxtmi.com/caselaws?id=64110 The Tribunal found that no penalty was justifiable under Section 273(a) of the Income Tax Act as the assessee did not have reason to believe the revised income estimate was untrue. The Tribunal accepted the explanations for the income discrepancy as reasonable and concluded that the estimate was made in good faith. Consequently, the appeal of the assessee was successful, and the penalty imposed by the Income Tax Officer was canceled. en-us Sun, 07 Mar 1976 00:00:00 +0530 Thu, 03 Feb 2011 18:28:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64110 The Tribunal found that no penalty was justifiable under Section 273(a) of the Income Tax Act as the assessee did not have reason to believe the revised income estimate was untrue. The Tribunal accepted the explanations for the income discrepancy as reasonable and concluded that the estimate was made in good faith. Consequently, the appeal of the assessee was successful, and the penalty imposed by the Income Tax Officer was canceled. Case-Laws Income Tax Sun, 07 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64110