https://www.taxtmi.com/caselaws?id=37224 The High Court ruled in favor of the assessee, holding that no penalty could be imposed under section 273(a) of the Income Tax Act, 1961, as the estimate of income was deemed bona fide. The Court emphasized that unless there was evidence to prove the estimate was knowingly untrue, a penalty could not be levied. The Tribunal's decision was overturned, and the assessee was awarded costs from the revenue. en-us Thu, 08 Feb 1979 00:00:00 +0530 Sat, 27 Mar 2010 15:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37224 The High Court ruled in favor of the assessee, holding that no penalty could be imposed under section 273(a) of the Income Tax Act, 1961, as the estimate of income was deemed bona fide. The Court emphasized that unless there was evidence to prove the estimate was knowingly untrue, a penalty could not be levied. The Tribunal's decision was overturned, and the assessee was awarded costs from the revenue. Case-Laws Income Tax Thu, 08 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37224