https://www.taxtmi.com/caselaws?id=64961 The Tribunal held that penalties under sections 271(1)(c) and 273(a) of the Income-tax Act were not justified. The appellant's consistent accounting method, accepted by the Department in other years, led to differences in accounting rather than fraud or neglect. The penalties of Rs. 63,000 were canceled, and any collected amounts were directed to be refunded. The Tribunal likely found the penalty for filing an untrue estimate of advance tax under section 273(a) also unjustified based on the appellant's accounting practices. en-us Wed, 13 Nov 1991 00:00:00 +0530 Fri, 11 Feb 2011 13:44:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64961 The Tribunal held that penalties under sections 271(1)(c) and 273(a) of the Income-tax Act were not justified. The appellant's consistent accounting method, accepted by the Department in other years, led to differences in accounting rather than fraud or neglect. The penalties of Rs. 63,000 were canceled, and any collected amounts were directed to be refunded. The Tribunal likely found the penalty for filing an untrue estimate of advance tax under section 273(a) also unjustified based on the appellant's accounting practices. Case-Laws Income Tax Wed, 13 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64961