https://www.taxtmi.com/caselaws?id=27055 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee. The penalties imposed under section 273(a) for the assessment years 1966-67 and 1968-69 were cancelled as the estimates were deemed reasonable and not knowingly untrue. The Court found no evidence of mala fide intention and upheld that the assessee had valid grounds for the estimates based on available information. The Revenue's appeal was dismissed, and the decision favored the assessee with no costs awarded. en-us Tue, 01 Jan 1985 00:00:00 +0530 Wed, 10 Feb 2010 15:06:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27055 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee. The penalties imposed under section 273(a) for the assessment years 1966-67 and 1968-69 were cancelled as the estimates were deemed reasonable and not knowingly untrue. The Court found no evidence of mala fide intention and upheld that the assessee had valid grounds for the estimates based on available information. The Revenue's appeal was dismissed, and the decision favored the assessee with no costs awarded. Case-Laws Income Tax Tue, 01 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27055