https://www.taxtmi.com/caselaws?id=60737 The Tribunal upheld the CIT (A)'s decision to cancel penalties under section 273(b) of the Income Tax Act for failure to furnish advance tax estimates in the case of reassessments under section 147(a). The Tribunal determined that reassessments under section 147(a) do not qualify as "regular assessments" as per the provisions of section 273(b), based on legal precedents from the Patna and Punjab & Haryana High Courts. Therefore, the penalties were deemed inapplicable in this scenario, leading to the dismissal of the Revenue's appeals. en-us Fri, 25 Sep 1981 00:00:00 +0530 Fri, 07 Jan 2011 18:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60737 The Tribunal upheld the CIT (A)'s decision to cancel penalties under section 273(b) of the Income Tax Act for failure to furnish advance tax estimates in the case of reassessments under section 147(a). The Tribunal determined that reassessments under section 147(a) do not qualify as "regular assessments" as per the provisions of section 273(b), based on legal precedents from the Patna and Punjab & Haryana High Courts. Therefore, the penalties were deemed inapplicable in this scenario, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Fri, 25 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60737