https://www.taxtmi.com/caselaws?id=55213 The tribunal held that the penalty under section 273(2)(a) of the Income Tax Act was not applicable as the assessee did not file an untrue estimate of advance tax by reducing income tax payable by the amount representing tax deductible at source on interest income. The tribunal emphasized that the assessee's obligation was to estimate current year income and calculate advance tax based on the rates in force during the financial year, regardless of the subsequent deduction and payment of tax by the payer company. The CIT (Appeals) decision to cancel the penalty was upheld, leading to the dismissal of all department appeals. en-us Mon, 08 Oct 1990 00:00:00 +0530 Wed, 24 Nov 2010 15:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55213 The tribunal held that the penalty under section 273(2)(a) of the Income Tax Act was not applicable as the assessee did not file an untrue estimate of advance tax by reducing income tax payable by the amount representing tax deductible at source on interest income. The tribunal emphasized that the assessee's obligation was to estimate current year income and calculate advance tax based on the rates in force during the financial year, regardless of the subsequent deduction and payment of tax by the payer company. The CIT (Appeals) decision to cancel the penalty was upheld, leading to the dismissal of all department appeals. Case-Laws Income Tax Mon, 08 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55213