https://www.taxtmi.com/caselaws?id=65054 The Tribunal upheld the penalty under Section 273(a) of the Income-tax Act, 1961, at 15% of the shortfall, as determined by the Commissioner of Income Tax (Appeals) [CIT(A)]. The penalty of Rs. 7,74,470 was deemed legitimate, considering the discrepancies in the estimates filed by the assessee and the lack of bona fides in the final estimate. The Tribunal rejected the assessee's plea for recalculating the penalty under a different provision, citing the evidence presented and previous legal precedents. Both the revenue's and the assessee's appeals were dismissed. en-us Wed, 12 Aug 1987 00:00:00 +0530 Fri, 11 Feb 2011 18:58:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65054 The Tribunal upheld the penalty under Section 273(a) of the Income-tax Act, 1961, at 15% of the shortfall, as determined by the Commissioner of Income Tax (Appeals) [CIT(A)]. The penalty of Rs. 7,74,470 was deemed legitimate, considering the discrepancies in the estimates filed by the assessee and the lack of bona fides in the final estimate. The Tribunal rejected the assessee's plea for recalculating the penalty under a different provision, citing the evidence presented and previous legal precedents. Both the revenue's and the assessee's appeals were dismissed. Case-Laws Income Tax Wed, 12 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65054