https://www.taxtmi.com/caselaws?id=69183 Penalty under section 273(a) for failure to pay advance tax was held unsustainable where the assessee's estimate of income was bona fide and based on material available at the relevant time. The estimate was supported by projected income from partner firms, including one firm's communicated estimate and another firm's verified accounts, showing a reasonable factual foundation. On that basis, the penalty was cancelled and the addition for alleged default in advance tax payment was set aside. en-us Fri, 30 Apr 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69183 Penalty under section 273(a) for failure to pay advance tax was held unsustainable where the assessee's estimate of income was bona fide and based on material available at the relevant time. The estimate was supported by projected income from partner firms, including one firm's communicated estimate and another firm's verified accounts, showing a reasonable factual foundation. On that basis, the penalty was cancelled and the addition for alleged default in advance tax payment was set aside. Case-Laws Income Tax Fri, 30 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69183