https://www.taxtmi.com/caselaws?id=70940 Penalty under section 273(b) of the Income-tax Act could not survive where, after effect was given to the Tribunal's earlier direction, the assessee's income fell below the taxable limit and no tax remained payable. On that factual basis, there was no obligation to furnish an estimate under section 212(3), so the foundation for levy of penalty disappeared. The related interest levy under section 220(2) had also been cancelled on the same basis. en-us Sat, 06 Jan 1979 00:00:00 +0530 Mon, 26 Sep 2022 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70940 Penalty under section 273(b) of the Income-tax Act could not survive where, after effect was given to the Tribunal's earlier direction, the assessee's income fell below the taxable limit and no tax remained payable. On that factual basis, there was no obligation to furnish an estimate under section 212(3), so the foundation for levy of penalty disappeared. The related interest levy under section 220(2) had also been cancelled on the same basis. Case-Laws Income Tax Sat, 06 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70940