https://www.taxtmi.com/caselaws?id=36816 The High Court ruled in favor of the assessees, upholding the Tribunal's decisions. It held that the assessee did not file an untrue estimate of income under section 212 of the Income-tax Act, 1961, and partners cannot be penalized when a firm is penalized under section 273(a). The Court also found that wrong estimates by the firm constituted a reasonable cause for the partner, and non-filing of estimates by the firm was a reasonable cause for the partner under section 273(c). The penalty imposed under section 273(a) was deleted by the Tribunal, supported by relevant case law. en-us Fri, 09 Nov 1979 00:00:00 +0530 Wed, 24 Mar 2010 16:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36816 The High Court ruled in favor of the assessees, upholding the Tribunal's decisions. It held that the assessee did not file an untrue estimate of income under section 212 of the Income-tax Act, 1961, and partners cannot be penalized when a firm is penalized under section 273(a). The Court also found that wrong estimates by the firm constituted a reasonable cause for the partner, and non-filing of estimates by the firm was a reasonable cause for the partner under section 273(c). The penalty imposed under section 273(a) was deleted by the Tribunal, supported by relevant case law. Case-Laws Income Tax Fri, 09 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36816