https://www.taxtmi.com/caselaws?id=59837 The tribunal allowed both appeals and canceled the penalties imposed on the assessee for failure to pay advance tax under section 273(a) of the Income-tax Act, 1961. The tribunal emphasized that penalties can only be imposed if false information is knowingly furnished or if a statement of advance tax is not provided without reasonable cause, which was not the case here. Additionally, penalties for underestimation of advance tax liability require evidence of knowing falsity or belief in inaccuracy, which was lacking in this instance. en-us Fri, 14 Jan 1983 00:00:00 +0530 Sat, 01 Jan 2011 14:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59837 The tribunal allowed both appeals and canceled the penalties imposed on the assessee for failure to pay advance tax under section 273(a) of the Income-tax Act, 1961. The tribunal emphasized that penalties can only be imposed if false information is knowingly furnished or if a statement of advance tax is not provided without reasonable cause, which was not the case here. Additionally, penalties for underestimation of advance tax liability require evidence of knowing falsity or belief in inaccuracy, which was lacking in this instance. Case-Laws Income Tax Fri, 14 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59837