https://www.taxtmi.com/caselaws?id=36957 Penalty under section 273(b) depends on whether the estimate furnished under section 212 was knowingly or recklessly untrue; the decisive enquiry is the bona fides of the estimate, not merely whether the underlying income was disputed. The Tribunal erred in treating only undisputed income as relevant to the estimate, because the statutory test focuses on the assessee's knowledge and honesty when making the estimate. As no finding had been recorded on whether the estimate was deliberately false, the matter could not be conclusively determined on the existing material and was remitted for fresh decision in accordance with law. en-us Wed, 11 Jul 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:56:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36957 Penalty under section 273(b) depends on whether the estimate furnished under section 212 was knowingly or recklessly untrue; the decisive enquiry is the bona fides of the estimate, not merely whether the underlying income was disputed. The Tribunal erred in treating only undisputed income as relevant to the estimate, because the statutory test focuses on the assessee's knowledge and honesty when making the estimate. As no finding had been recorded on whether the estimate was deliberately false, the matter could not be conclusively determined on the existing material and was remitted for fresh decision in accordance with law. Case-Laws Income Tax Wed, 11 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36957