https://www.taxtmi.com/caselaws?id=28935 The High Court upheld the Tribunal's decision to deny rectification of penalty under section 273(b) of the Income Tax Act, 1961 for failure to furnish an estimate of advance tax under section 212(3). The Court emphasized that rectification requires an obvious mistake, not a debatable legal point, and since the new fact raised by the assessee was contentious and not previously addressed, the Tribunal's decision was deemed appropriate. The application under section 256(2) of the Act was dismissed, with costs imposed on the applicant. en-us Mon, 26 Oct 1981 00:00:00 +0530 Mon, 08 Mar 2010 17:13:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28935 The High Court upheld the Tribunal's decision to deny rectification of penalty under section 273(b) of the Income Tax Act, 1961 for failure to furnish an estimate of advance tax under section 212(3). The Court emphasized that rectification requires an obvious mistake, not a debatable legal point, and since the new fact raised by the assessee was contentious and not previously addressed, the Tribunal's decision was deemed appropriate. The application under section 256(2) of the Act was dismissed, with costs imposed on the applicant. Case-Laws Income Tax Mon, 26 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28935