https://www.taxtmi.com/caselaws?id=249226 The court allowed the appeal, ruling in favor of the assessee and setting aside the penalty imposed under Section 273(2)(c) of the Income Tax Act. The court emphasized the significance of demonstrating a reasonable cause for failing to furnish an estimate of advance tax and highlighted that the burden of proof lies with the revenue. The decision underscored the importance of considering the circumstances and available information at the time of estimating advance tax to determine the applicability of penalties under the Income Tax Act. en-us Thu, 03 Jul 2014 00:00:00 +0530 Tue, 08 Jul 2014 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249226 The court allowed the appeal, ruling in favor of the assessee and setting aside the penalty imposed under Section 273(2)(c) of the Income Tax Act. The court emphasized the significance of demonstrating a reasonable cause for failing to furnish an estimate of advance tax and highlighted that the burden of proof lies with the revenue. The decision underscored the importance of considering the circumstances and available information at the time of estimating advance tax to determine the applicability of penalties under the Income Tax Act. Case-Laws Income Tax Thu, 03 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249226