https://www.taxtmi.com/caselaws?id=56349 The Tribunal allowed the appeal, canceling the penalty imposed under s. 273(2)(aa) of the IT Act for the assessment year in question. The penalty was deemed unwarranted as the estimates were prepared in good faith based on available information, and the Revenue failed to prove the estimate's falsity or inaccuracy at the time of submission. The Tribunal emphasized the honest and bona fide nature of the estimate preparation, leading to the cancellation of the penalty. en-us Wed, 01 May 1991 00:00:00 +0530 Fri, 03 Dec 2010 12:07:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56349 The Tribunal allowed the appeal, canceling the penalty imposed under s. 273(2)(aa) of the IT Act for the assessment year in question. The penalty was deemed unwarranted as the estimates were prepared in good faith based on available information, and the Revenue failed to prove the estimate's falsity or inaccuracy at the time of submission. The Tribunal emphasized the honest and bona fide nature of the estimate preparation, leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 01 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56349