https://www.taxtmi.com/caselaws?id=22532 The High Court of Calcutta ruled in a case involving advance tax estimates for the assessment year 1970-71. The court found that the assessee's revised estimate, influenced by a price increase circular, was not knowingly untrue. The Tribunal emphasized the importance of honest estimates based on prevailing conditions, ultimately canceling the penalty imposed by the Income-tax Officer. The court's decision centered on the genuineness of the estimates in light of market dynamics, leading to a verdict in favor of the assessee with no costs awarded. en-us Mon, 13 Mar 1989 00:00:00 +0530 Fri, 11 Dec 2009 10:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22532 The High Court of Calcutta ruled in a case involving advance tax estimates for the assessment year 1970-71. The court found that the assessee's revised estimate, influenced by a price increase circular, was not knowingly untrue. The Tribunal emphasized the importance of honest estimates based on prevailing conditions, ultimately canceling the penalty imposed by the Income-tax Officer. The court's decision centered on the genuineness of the estimates in light of market dynamics, leading to a verdict in favor of the assessee with no costs awarded. Case-Laws Income Tax Mon, 13 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22532