https://www.taxtmi.com/caselaws?id=69061 The Appellate Tribunal ITAT Madras-A ruled in favor of the assessee, a firm, in a case concerning penalty under section 273(1)(b) of the Income Tax Act for failure to furnish an estimate of income for advance tax. The Tribunal held that the penalty was not validly levied as the assessee had filed estimates, distinguishing between penalty provisions under section 221 and section 273(1)(b). The penalty was canceled, emphasizing the specific nature of the penalty provisions and the incorrect application of section 273(1)(b) in this instance. en-us Wed, 30 Sep 1992 00:00:00 +0530 Mon, 04 Apr 2011 18:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69061 The Appellate Tribunal ITAT Madras-A ruled in favor of the assessee, a firm, in a case concerning penalty under section 273(1)(b) of the Income Tax Act for failure to furnish an estimate of income for advance tax. The Tribunal held that the penalty was not validly levied as the assessee had filed estimates, distinguishing between penalty provisions under section 221 and section 273(1)(b). The penalty was canceled, emphasizing the specific nature of the penalty provisions and the incorrect application of section 273(1)(b) in this instance. Case-Laws Income Tax Wed, 30 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69061