https://www.taxtmi.com/caselaws?id=59755 The Tribunal upheld the CIT (Appeals) decision, ruling in favor of the assessee and affirming the cancellation of the penalty imposed under section 273(2)(aa) of the Income-tax Act, 1961. The Tribunal emphasized that the penalty was unjustified as the disputed income was due to a legitimate depreciation claim pending before the Tribunal, and the estimate of advance tax was not knowingly false. The Tribunal held that a mere disparity between estimated and assessed income does not automatically warrant a penalty when based on honest grounds and subsequently accepted, placing the burden of proof on the Revenue. en-us Fri, 28 Aug 1992 00:00:00 +0530 Fri, 31 Dec 2010 19:05:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59755 The Tribunal upheld the CIT (Appeals) decision, ruling in favor of the assessee and affirming the cancellation of the penalty imposed under section 273(2)(aa) of the Income-tax Act, 1961. The Tribunal emphasized that the penalty was unjustified as the disputed income was due to a legitimate depreciation claim pending before the Tribunal, and the estimate of advance tax was not knowingly false. The Tribunal held that a mere disparity between estimated and assessed income does not automatically warrant a penalty when based on honest grounds and subsequently accepted, placing the burden of proof on the Revenue. Case-Laws Income Tax Fri, 28 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59755