https://www.taxtmi.com/caselaws?id=65037 The appellate tribunal confirmed the penalty of Rs. 52,990 imposed by the ITO under section 273(2)(a) of the Income-tax Act, 1961 for the assessment year 1981-82. The penalty was upheld due to the substantial disparity between the estimated and actual income of the appellant firm, despite their argument of unforeseen business transactions. The burden of proof was on the revenue to establish the knowingly false estimate, and the incorrect mention of the penalty provision by the ITO was deemed non-consequential as long as the proceedings were correctly initiated under section 273. en-us Thu, 31 Jul 1986 00:00:00 +0530 Fri, 11 Feb 2011 18:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65037 The appellate tribunal confirmed the penalty of Rs. 52,990 imposed by the ITO under section 273(2)(a) of the Income-tax Act, 1961 for the assessment year 1981-82. The penalty was upheld due to the substantial disparity between the estimated and actual income of the appellant firm, despite their argument of unforeseen business transactions. The burden of proof was on the revenue to establish the knowingly false estimate, and the incorrect mention of the penalty provision by the ITO was deemed non-consequential as long as the proceedings were correctly initiated under section 273. Case-Laws Income Tax Thu, 31 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65037