https://www.taxtmi.com/caselaws?id=69571 The Tribunal ruled in favor of the assessee in an appeal against the penalty imposed under section 273(1)(b) of the Income-tax Act. It held that despite penalties for income concealment under section 271(1)(c), the failure to file an advance tax statement when the income reflected only losses did not warrant penalty under section 273(1)(b). The Tribunal emphasized that penalizing the assessee for not estimating income, which was not required by statute, was unjustifiable. As a result, the imposed penalty was revoked, and the appeal was allowed. en-us Wed, 18 Nov 1992 00:00:00 +0530 Thu, 07 Apr 2011 16:59:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69571 The Tribunal ruled in favor of the assessee in an appeal against the penalty imposed under section 273(1)(b) of the Income-tax Act. It held that despite penalties for income concealment under section 271(1)(c), the failure to file an advance tax statement when the income reflected only losses did not warrant penalty under section 273(1)(b). The Tribunal emphasized that penalizing the assessee for not estimating income, which was not required by statute, was unjustifiable. As a result, the imposed penalty was revoked, and the appeal was allowed. Case-Laws Income Tax Wed, 18 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69571