https://www.taxtmi.com/caselaws?id=67146 The Tribunal ruled in favor of the assessee, determining that no penalty was applicable under s. 273(2)(c) of the IT Act for the failure to furnish an accurate estimate of advance tax. The Tribunal found that the income discrepancy arose from legitimate provisions made by the assessee, which were unforeseeable at the time of filing the estimate. It was concluded that the penalty was unjustified, as the disallowances leading to the income difference were made in good faith and in accordance with accounting principles. en-us Mon, 15 May 1995 00:00:00 +0530 Wed, 09 Mar 2011 12:40:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67146 The Tribunal ruled in favor of the assessee, determining that no penalty was applicable under s. 273(2)(c) of the IT Act for the failure to furnish an accurate estimate of advance tax. The Tribunal found that the income discrepancy arose from legitimate provisions made by the assessee, which were unforeseeable at the time of filing the estimate. It was concluded that the penalty was unjustified, as the disallowances leading to the income difference were made in good faith and in accordance with accounting principles. Case-Laws Income Tax Mon, 15 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67146