https://www.taxtmi.com/caselaws?id=60060 The Tribunal allowed the limited company's appeal against a penalty for underpayment of advance tax, emphasizing the bona fide nature of the assessee's estimate. The Tribunal found the revised estimate fair and not untrue, considering potential liabilities. The penalty was canceled, with a direction for refund if already collected, as the initial estimate was voluntarily higher than required. The decision was based on the fairness of the estimate and relevant case laws, concluding that the penalty was unwarranted. en-us Thu, 11 Oct 1990 00:00:00 +0530 Mon, 03 Jan 2011 15:32:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60060 The Tribunal allowed the limited company's appeal against a penalty for underpayment of advance tax, emphasizing the bona fide nature of the assessee's estimate. The Tribunal found the revised estimate fair and not untrue, considering potential liabilities. The penalty was canceled, with a direction for refund if already collected, as the initial estimate was voluntarily higher than required. The decision was based on the fairness of the estimate and relevant case laws, concluding that the penalty was unwarranted. Case-Laws Income Tax Thu, 11 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60060