https://www.taxtmi.com/caselaws?id=64467 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to cancel the penalty imposed by the Assessing Officer under section 273(1a) of the Income-tax Act, 1961. The penalty was deemed unwarranted as there was insufficient evidence to prove that the estimate provided by the assessee was knowingly false or inaccurate. The Tribunal emphasized that the burden of proof lies with the revenue to establish the falsity of the estimate and highlighted the importance of considering the state of mind of the assessee at the time of filing the estimate. en-us Fri, 07 Dec 1990 00:00:00 +0530 Tue, 08 Feb 2011 10:50:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64467 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to cancel the penalty imposed by the Assessing Officer under section 273(1a) of the Income-tax Act, 1961. The penalty was deemed unwarranted as there was insufficient evidence to prove that the estimate provided by the assessee was knowingly false or inaccurate. The Tribunal emphasized that the burden of proof lies with the revenue to establish the falsity of the estimate and highlighted the importance of considering the state of mind of the assessee at the time of filing the estimate. Case-Laws Income Tax Fri, 07 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64467