https://www.taxtmi.com/caselaws?id=68050 The Appellate Tribunal ITAT Jaipur canceled the penalty of Rs. 6,500 imposed under section 273(2)(c) of the Income Tax Act, 1961 on an assessee firm for failure to furnish a correct income estimate. The Tribunal found that the firm's failure to anticipate an income increase due to a commission rate change was negligent but not deliberate, indicating a reasonable and bona fide cause. Therefore, the penalty was canceled based on the lack of mala fide intent in providing the incorrect income estimate. en-us Thu, 24 Sep 1992 00:00:00 +0530 Wed, 16 Mar 2011 16:26:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68050 The Appellate Tribunal ITAT Jaipur canceled the penalty of Rs. 6,500 imposed under section 273(2)(c) of the Income Tax Act, 1961 on an assessee firm for failure to furnish a correct income estimate. The Tribunal found that the firm's failure to anticipate an income increase due to a commission rate change was negligent but not deliberate, indicating a reasonable and bona fide cause. Therefore, the penalty was canceled based on the lack of mala fide intent in providing the incorrect income estimate. Case-Laws Income Tax Thu, 24 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68050