https://www.taxtmi.com/caselaws?id=22282 Penalty under section 273(a) was sustained because the assessee had furnished an estimate that the Tribunal found it knew or had reason to believe was untrue. The High Court noted that the contention about the company's books closing on 31 October each year had not been raised before the tax authorities or the Tribunal, and the explanation offered there was limited to unforeseeable expenses or income and circumstances beyond control. The additional material filed before the Tribunal did not adequately explain the discrepancy between returned income and the estimate. The finding was treated as a factual conclusion, so no referable question of law arose. en-us Mon, 28 Jan 1991 00:00:00 +0530 Tue, 08 Dec 2009 16:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22282 Penalty under section 273(a) was sustained because the assessee had furnished an estimate that the Tribunal found it knew or had reason to believe was untrue. The High Court noted that the contention about the company's books closing on 31 October each year had not been raised before the tax authorities or the Tribunal, and the explanation offered there was limited to unforeseeable expenses or income and circumstances beyond control. The additional material filed before the Tribunal did not adequately explain the discrepancy between returned income and the estimate. The finding was treated as a factual conclusion, so no referable question of law arose. Case-Laws Income Tax Mon, 28 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22282