https://www.taxtmi.com/caselaws?id=60770 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed on the assessee under section 273(2)(a) of the IT Act for the assessment year 1985-86. The Tribunal found that the assessee's estimate of nil income was made in good faith based on losses declared in previous years, and the assessee believed these losses would offset any income subject to advance tax. The Tribunal concluded that the estimate was not false but based on genuine beliefs and available information, dismissing the Department's appeal and upholding the penalty cancellation. en-us Fri, 04 Feb 1994 00:00:00 +0530 Sat, 08 Jan 2011 10:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60770 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed on the assessee under section 273(2)(a) of the IT Act for the assessment year 1985-86. The Tribunal found that the assessee's estimate of nil income was made in good faith based on losses declared in previous years, and the assessee believed these losses would offset any income subject to advance tax. The Tribunal concluded that the estimate was not false but based on genuine beliefs and available information, dismissing the Department's appeal and upholding the penalty cancellation. Case-Laws Income Tax Fri, 04 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60770