https://www.taxtmi.com/caselaws?id=56704 The ITAT held that the penalty imposed under s. 273(1) of the IT Act for filing a false estimate of advance tax was not sustainable. The assessee genuinely believed in the claimed deductions, filing the estimate in good faith. The ITAT considered the assessee's bona fide belief and concluded that there was a reasonable cause for the actions, thus deleting the penalty. The appeal succeeded based on the genuine belief held at the time of filing the estimate, leading to the penalty being deemed unjustified and deleted. en-us Fri, 20 Feb 1981 00:00:00 +0530 Mon, 06 Dec 2010 13:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56704 The ITAT held that the penalty imposed under s. 273(1) of the IT Act for filing a false estimate of advance tax was not sustainable. The assessee genuinely believed in the claimed deductions, filing the estimate in good faith. The ITAT considered the assessee's bona fide belief and concluded that there was a reasonable cause for the actions, thus deleting the penalty. The appeal succeeded based on the genuine belief held at the time of filing the estimate, leading to the penalty being deemed unjustified and deleted. Case-Laws Income Tax Fri, 20 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56704