https://www.taxtmi.com/caselaws?id=71829 The Tribunal set aside the penalty imposed on the assessee under section 273(1)(b) of the IT Act for the assessment year 1987-88. The Tribunal found that the assessee acted in good faith by not filing the advance tax estimate due to a genuine belief that there would be no tax liability based on carried forward losses. The unexpected increase in income exceeding the non-taxable limit was attributed to unforeseen rebates and adjustments. As a result, the penalty of Rs. 96,737 was overturned, and the assessee's appeal was successful. en-us Fri, 29 Aug 2003 00:00:00 +0530 Wed, 27 Apr 2011 13:07:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71829 The Tribunal set aside the penalty imposed on the assessee under section 273(1)(b) of the IT Act for the assessment year 1987-88. The Tribunal found that the assessee acted in good faith by not filing the advance tax estimate due to a genuine belief that there would be no tax liability based on carried forward losses. The unexpected increase in income exceeding the non-taxable limit was attributed to unforeseen rebates and adjustments. As a result, the penalty of Rs. 96,737 was overturned, and the assessee's appeal was successful. Case-Laws Income Tax Fri, 29 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71829