https://www.taxtmi.com/caselaws?id=27277 The High Court affirmed the Tribunal's decision in a case involving penalty proceedings under section 273 of the Income Tax Act, 1961. The court held that the assessee's estimates were reasonable, based on past trends, and not knowingly false. It emphasized that the Revenue failed to prove the estimates were untrue, shifting the burden of proof to the Revenue. The court ruled in favor of the assessee, stating that a mere disparity between estimated and assessed income does not warrant a penalty under section 273. en-us Thu, 31 Jan 1985 00:00:00 +0530 Thu, 11 Feb 2010 18:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27277 The High Court affirmed the Tribunal's decision in a case involving penalty proceedings under section 273 of the Income Tax Act, 1961. The court held that the assessee's estimates were reasonable, based on past trends, and not knowingly false. It emphasized that the Revenue failed to prove the estimates were untrue, shifting the burden of proof to the Revenue. The court ruled in favor of the assessee, stating that a mere disparity between estimated and assessed income does not warrant a penalty under section 273. Case-Laws Income Tax Thu, 31 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27277