https://www.taxtmi.com/caselaws?id=20836 The High Court dismissed the reference application under section 256(2) of the Income-tax Act, 1961, as no question of law arose from the Tribunal's order. The Court upheld the Tribunal's decision regarding the cancellation of penalty for one year but not for another year, emphasizing the importance of honest estimates in tax matters and the burden of proof on the assessee to demonstrate the accuracy of the estimate. The Court found the Tribunal's conclusion to be based on relevant materials and factual findings, thus rejecting the reference application. en-us Tue, 30 Mar 1993 00:00:00 +0530 Tue, 17 Nov 2009 14:15:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20836 The High Court dismissed the reference application under section 256(2) of the Income-tax Act, 1961, as no question of law arose from the Tribunal's order. The Court upheld the Tribunal's decision regarding the cancellation of penalty for one year but not for another year, emphasizing the importance of honest estimates in tax matters and the burden of proof on the assessee to demonstrate the accuracy of the estimate. The Court found the Tribunal's conclusion to be based on relevant materials and factual findings, thus rejecting the reference application. Case-Laws Income Tax Tue, 30 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20836