https://www.taxtmi.com/caselaws?id=16682 Penalty for an alleged untrue advance-tax estimate could not be sustained where the assessee's interest liability under section 215 was partly waived under rules 40 and 117A of the Income-tax Rules. The Court accepted the Tribunal's view that, once the interest component had been waived on that footing, the authorities lacked competence to uphold penalty under section 273(2)(a) or section 273(2)(aa) on the same basis. The decision was therefore against the Revenue and in favour of the assessee. en-us Thu, 30 Apr 1998 00:00:00 +0530 Wed, 09 Sep 2009 13:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16682 Penalty for an alleged untrue advance-tax estimate could not be sustained where the assessee's interest liability under section 215 was partly waived under rules 40 and 117A of the Income-tax Rules. The Court accepted the Tribunal's view that, once the interest component had been waived on that footing, the authorities lacked competence to uphold penalty under section 273(2)(a) or section 273(2)(aa) on the same basis. The decision was therefore against the Revenue and in favour of the assessee. Case-Laws Income Tax Thu, 30 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16682