https://www.taxtmi.com/caselaws?id=66981 The Appellate Tribunal ruled in favor of the assessee in a case involving the levy of a penalty under section 273(c) of the IT Act, 1961 for the assessment year 1974-75. The Tribunal held that the assessee had a bona fide belief that no further estimate of advance tax was required as the unexpected increase in income was beyond their anticipation. As a result, the Tribunal concluded that the penalty imposed by the Income Tax Officer was unwarranted and canceled it, allowing the appeal in favor of the assessee. en-us Thu, 14 Aug 1980 00:00:00 +0530 Tue, 08 Mar 2011 16:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66981 The Appellate Tribunal ruled in favor of the assessee in a case involving the levy of a penalty under section 273(c) of the IT Act, 1961 for the assessment year 1974-75. The Tribunal held that the assessee had a bona fide belief that no further estimate of advance tax was required as the unexpected increase in income was beyond their anticipation. As a result, the Tribunal concluded that the penalty imposed by the Income Tax Officer was unwarranted and canceled it, allowing the appeal in favor of the assessee. Case-Laws Income Tax Thu, 14 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66981