https://www.taxtmi.com/caselaws?id=5819 Penalty under section 273(2)(a) of the Income-tax Act was held to depend on the Tribunal's factual finding that the assessee's estimate was made on an honest belief, based on the law as understood at the relevant time. On those facts, the mere fact that the returned estimated income for advance-tax purposes was lower than the eventual income did not by itself attract the penalty provision. Because the issue turned on fact rather than a question of law, the refusal to call for a reference was justified and the penalty question was not reopened. en-us Wed, 17 Feb 1999 00:00:00 +0530 Wed, 29 Aug 2018 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5819 Penalty under section 273(2)(a) of the Income-tax Act was held to depend on the Tribunal's factual finding that the assessee's estimate was made on an honest belief, based on the law as understood at the relevant time. On those facts, the mere fact that the returned estimated income for advance-tax purposes was lower than the eventual income did not by itself attract the penalty provision. Because the issue turned on fact rather than a question of law, the refusal to call for a reference was justified and the penalty question was not reopened. Case-Laws Income Tax Wed, 17 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5819